Objectives of financial reporting do NOT include
A) providing information that is useful to users in making resource allocation decisions.
B) providing information about the liquidation value of an enterprise.
C) providing information about an entity's economic resources, obligations, and equity/net assets.
D) providing information about changes in an entity's economic resources, obligations, and equity/net assets.

Question

Quizplus · Accepted Answer

The objectives of financial reporting include providing useful information for resource allocation decisions, reporting on an entity's economic resources and obligations, and providing information on changes in an entity's economic resources and obligations. However, financial reporting is not specifically designed to provide information about the liquidation value of an enterprise.

Objectives of Financial Reporting Do NOT Include