The primary purpose of financial reporting is accountability. All of the following are the basic elements of financial reporting EXCEPT:

Name: The primary purpose of financial reporting is accountability. All of the following are the basic elements of financial reporting EXCEPT:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Planning and leading are not elements of financial reporting; they are more related to management functions. Financial reporting focuses on providing understandable, reliable, relevant, timely, and comparable information.

The Primary Purpose of Financial Reporting Is Accountability