The Primary Objective of Financial Reporting Is to Provide Information

question 16

Multiple Choice

The primary objective of financial reporting is to provide information useful for making investment and lending decisions.To be useful,information must possess certain characteristics.Which of the following is NOT one of the basic characteristics that financial information must possess to be useful?

• A) Reliability
• B) Creativity
• C) Relevance
• D) Comparability

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Definitions:

Gender Typing

The process by which a child becomes aware of their gender and thus behaves accordingly by adopting values and attributes of members of the sex that they identify as.

Secondary Sex Characteristics

Physical features that emerge during puberty which are not directly involved in reproduction but distinguish the two sexes, such as facial hair in males and breast development in females.

Interdependence

Interdependence is a condition or relationship in which two or more persons or entities rely on each other for support, resources, or benefits, often leading to mutual advantages.

Spreading False Rumors

The act of disseminating untrue or misleading information about individuals or entities, which can harm reputations, relationships, and trust.