Financial accounting relies on the criterion of usefulness rather than formal guidelines in reporting information.

Name: Financial accounting relies on the criterion of usefulness rather than formal guidelines in reporting information.
Brand: Quizplus
Rating: 4.8 (36 reviews)

Question

Quizplus · Accepted Answer

Financial accounting relies on formal guidelines and standards, such as Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS), to ensure consistency, reliability, and comparability of financial information.

Financial Accounting Relies on the Criterion of Usefulness Rather Than