Which of the Following Is a Characteristic of Financial Accounting

question 96

Multiple Choice

Which of the following is a characteristic of financial accounting information?

• A)Its preparation requires judgment.
• B)It is more about the future than it is about the past.
• C)None of it is based on estimates,assumptions,and judgments.
• D)Notes and explanations from management are not included.

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Definitions:

Specific Sequence

A particular order or arrangement in which related actions, events, or elements follow each other.

Goods And Services

The physical products (goods) and intangible offerings (services) that fulfill the needs or wants of consumers.

Just-in-time Scheduling

A strategy used in manufacturing and logistics to increase efficiency and decrease waste by receiving goods only as they are needed in the production process, thereby reducing inventory costs.

Minimizes Inventory

Strategies or practices aimed at keeping the amount of goods stored by a business as low as possible to reduce costs and increase efficiency.