According to GAAP, to Be Useful, Accounting Information Must Be

question 19

Multiple Choice

According to GAAP, to be useful, accounting information must be all of the following except:

• A)relevant.
• B)comparable.
• C)subjective.
• D)reliable.

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Definitions:

Client

A person or organization receiving services or advice from a professional or company.

Liability for Negligence

The legal responsibility for harm caused by failing to act as a reasonable person would under similar circumstances.

Third Party Beneficiaries

Individuals or entities who are not parties to a contract but stand to benefit from its execution or its terms.

Accountant

A professional who performs accounting functions such as audits or financial statement analysis.