Which of the following is not characteristic of financial accounting?
A)Information used in financial statements is prepared in conformity with generally accepted accounting principles.
B)The information is confidential and is intended for use only by company management.
C)The information is used in a wide variety of business decisions.
D)The information is developed primarily by "private accountants" that is,accountants employed by business organizations.

Question

Quizplus · Accepted Answer

Financial accounting information is not confidential and is intended for use by a wide range of stakeholders including investors, creditors, regulators, and the general public. Therefore, option B, which states that the information is intended only for use by company management, is not characteristic of financial accounting.

Which of the Following Is Not Characteristic of Financial Accounting