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Which of the following describes the primary objective of financial accounting? To provide useful financial information only to stockholders. B. To provide information about a business' future business strategies G. To provide useful financial information about a business to help external parties make informed decisions. D. To provide useful financial information about a business to help internal parties make informed decisions. 6. The primary difference between revenues and gains is: A. Gains are increases in net assets from peripheral activities while revenues are increases from ongoing activities. Revenues increase operating income and gains have no impact on net income. increases through ongoing activities income C. Revenues cause increases in net assets as a result of peripheral activities and gains cause Gains result in an increase in operating income whereas revenues do not impact operating 7. Which of the following best describes liabilities and stockholders' equity? A. They are the sources of financing an entity's assets. They are the economic resources used by a business entity. -They are reported on the income statement. D. They both increase when assets increase. 8. Which of the following statements is correcet? Assets on the balance sheet include retained earnings. Retained earnings includes common stock. The balance sheet equation states that assets equal liabilities. operations D. A corporation's net income does not necessarily equal its net cash flow from