Which of the following is not a characteristic of financial accounting?
A)Financial reports are prepared according to GAAP.
B)Information is used by external parties.
C)Information is subjective,relevant,and future-oriented.
D)Reports are prepared periodically.

Question

Quizplus · Accepted Answer

The statement "information is subjective, relevant, and future-oriented" is not a characteristic of financial accounting. Financial accounting is objective, historical, and deals with past events and transactions. The other statements are all characteristics of financial accounting.

Which of the Following Is Not a Characteristic of Financial