The Primary Purpose of Financial Reporting Is Accountability

question 65

Multiple Choice

The primary purpose of financial reporting is accountability. All of the following are the basic elements of financial reporting EXCEPT:

• A) Understandability
• B) Reliability and Relevance
• C) Timeliness and Comparability
• D) Planning and leading

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Definitions:

Axes

In psychology and psychiatry, it refers to the different dimensions of disorder or disability as classified in diagnostic systems like the DSM-IV, though newer editions have revised this framework.

DSM-IV-TR

The Diagnostic and Statistical Manual of Mental Disorders, Fourth Edition, Text Revision; a guide used by clinicians to diagnose mental disorders.

DSM III

The third edition of the Diagnostic and Statistical Manual of Mental Disorders, a standardized classification of mental disorders used by mental health professionals in the U.S.

DSM II

The second edition of the Diagnostic and Statistical Manual of Mental Disorders, a publication for the classification of mental disorders.