Which one of the following statements is not correct?
A) The more accurate past predictions of profits have been, the less likely it is that users will be able to rely on current predictions of future profits.
B) All users of accounting information will be interested in the cash generating capabilities of an entity
C) Financial information must not only represent relevant economic phenomena (transactions and events), but it must also faithfully represent the phenomena that it purports to represent.
D) Accounting information provides a mechanism through which to control outcomes and activities.

Question

Quizplus · Accepted Answer

If past predictions of profits have been accurate, it is more likely that users will be able to rely on current predictions of future profits, not less likely.

Which One of the Following Statements Is Not Correct