Which of the Following Is Not an Objective of Financial

question 76

Multiple Choice

Which of the following is not an objective of financial reporting specified in Concept Statement #1?

• A)To provide information useful to investors and creditors
• B)To provide information helpful in assessing the future amounts and timing of cash
• Flows.
• C)To provide information about the assets and claims on the assets of a firm.
• D)To prepare income statements on a timely basis.

---

Definitions:

Delegator

An individual or entity that assigns tasks or responsibilities to another.

Personal Skill

An individual's capability or proficiency in performing tasks or activities, often developed through experience or training.

Obligor

A party in a contractual agreement who is legally bound to perform a certain duty or pay a specified amount to another, the obligee.

Prohibited

Actions, practices, or items that are expressly forbidden by law, regulation, or other forms of authority.