Which of the following is not a characteristic of financial accounting?
A)Financial reports are prepared according to GAAP.
B)Information is used primarily by internal parties.
C)Information is objective,reliable,and historical.
D)Reports are prepared periodically.

Question

Quizplus · Accepted Answer

Financial accounting is primarily concerned with providing financial information to external parties, such as investors, creditors, and regulators. Therefore, option B is not a characteristic of financial accounting. Options A, C, and D are all characteristics of financial accounting. Financial reports are prepared in accordance with Generally Accepted Accounting Principles (GAAP), information is objective, reliable, and historical, and reports are prepared periodically.

Which of the Following Is Not a Characteristic of Financial