What is not a key characteristic concerning users of general purpose financial statements?
A) The users do not necessarily have to be known to the entity
B) The users are internal to the entity
C) The users lack the power to demand that the entity provides them with specific information
D) All of the above are key characteristics

Question

Quizplus · Accepted Answer

The statement "The users are internal to the entity" is not a key characteristic of users of general purpose financial statements. In fact, one of the key characteristics is that the users are external to the entity, meaning they are not part of the organization that is providing the financial statements. Options A and C are both correct key characteristics - the users do not necessarily have to be known to the entity, and they lack the power to demand specific information from the entity.

What Is Not a Key Characteristic Concerning Users of General