Which of the Following Is Not a Characteristic of Financial

question 129

Multiple Choice

Which of the following is not a characteristic of financial accounting?

• A)Financial reports are prepared according to GAAP.
• B)Information is used by external parties.
• C)Information is subjective,relevant,and future-oriented.
• D)Reports are prepared periodically.

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Definitions:

Physical Resources

Tangible assets such as buildings, machinery, and raw materials that an organization uses to conduct its business.

Visibility

The degree to which an entity's presence, actions, or status is known and perceivable by others.

Contingency

The dependence on chance or on the fulfillment of a condition; in management, it refers to the idea that there is no one best way to organize or lead, and that it will depend on various situational factors.

Networking

Networking is building and maintaining professional or social contacts to exchange information, support, and opportunities.