Which of the following statements is not true?
A) Comparability means a company uses the same accounting principles from year to year.
B) Faithful representation is the quality of information that gives assurance that it is free of error.
C) Relevant accounting information must be capable of making a difference in the decision.
D) The primary objective of financial reporting is to provide financial information that is useful to investors and creditors for making decisions.
Correct Answer:
Verified
Q72: Information is _ if independent parties using
Q75: The assumption which requires that only those
Q142: Accounting information should be verifiable in order
Q162: For accounting information to have relevance, it
Q165: A company can change to a new
Q168: Characteristics associated with faithfully representative accounting information
Q170: Characteristics associated with relevant accounting information are
A)
Q171: A company using the same accounting principles
Q175: Accounting information should be neutral in order
Q176: Different companies using the same accounting principles
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