Which of the Following Is Not a Characteristic of Financial

question 110

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 primarily by internal parties.
• C)Information is objective,reliable,and historical.
• D)Reports are prepared periodically.

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Definitions:

Cognitive Dissonance

A state of psychological discomfort caused by holding two conflicting beliefs, values, or attitudes.

Confirmation Bias

The tendency to search for, interpret, favor, and recall information in a way that confirms one's preexisting beliefs or hypotheses, while giving disproportionately less consideration to alternative possibilities.

Fundamental Attribution Error

The tendency to overemphasize personal traits and minimize situational factors as causes of other people's behavior.

Internal Attributions

The process of assigning the cause of behavior to internal characteristics, traits, or abilities of the individual.