(Solved): Accounting is the process of measuring and summarizing business activities, interpreting financial i ...

Accounting is the process of measuring and summarizing business activities, interpreting financial information, and communicating the results to management and other decision-makers. Many stakeholders inside and outside an organization may utilize accounting information. The Sarbanes Oxley Act was enacted more than 2 decades ago to enhance corporate responsibility, enhance financial disclosures, and combat corporate and accounting fraud. After reviewing the Sarbanes-Oxley Act of 2002 by U.S. Securities and Exchange Commission, define and describe both managerial and financial accounting. Provide additional explanation on three of the five stakeholder groups that specifically utilize financial accounting.