Which of the following statements is true?

Question

Quizplus · Accepted Answer

Many decisions require consideration of future events, such as forecasting future revenues or estimating future costs. Accounting information can provide data to assist in making these estimates, but ultimately the decision is based on estimates and assumptions about the future. Option A is incorrect because accounting information is also used for current and future decision making. Option B is incorrect because internal and external users may have different information needs. Option C is incorrect because while non-accounting information may be important in decision making, accounting information is also crucial and often required by law or regulation.

Which of the Following Statements Is True