According to Concept Statement #2 Accounting Information Should Be

question 25

Multiple Choice

According to Concept Statement #2 accounting information should be:

• A)Relevant and Reliable
• B)Responsible and Reconcilable
• C)Accurate and Meaningful
• D)Accurate and Timely

---

Definitions:

Efficiently Used

Utilized in a manner that maximizes productivity or effectiveness while minimizing waste or unnecessary expenditure of resources.

Scarcity

The fundamental economic problem of having seemingly unlimited human wants in a world of limited resources.

Efficiency

The optimal use of resources to achieve the best possible outcome.

Opportunities

Options or possibilities for individuals or firms to engage in beneficial activities or investments.