The Overriding Criterion by Which Accounting Information Can Be Judged

question 8

Multiple Choice

The overriding criterion by which accounting information can be judged is that of

• A) usefulness for decision making.
• B) freedom from bias.
• C) timeliness.
• D) comparability.

---

Definitions:

Quantitative Forecasting

The use of numerical data and statistical techniques to predict future events or trends.

Statistical Analyses

The process of collecting, examining, interpreting, and presenting data to discover underlying patterns and trends.

Historical Data

Information from the past, used for analysis or reference, which can include financial records, sales figures, or operational metrics to guide decision-making.

Contingency Planning

The process of developing strategies to address possible future events or circumstances that could negatively impact operations.