Which accounting concept is involved in the requirement that financial statements contain information that is useful to those who are making decisions?
A) prudence
B) comparability
C) reliability
D) relevance.

Question

Quizplus · Accepted Answer

The concept of relevance requires that the information presented in financial statements must be useful for decision-making. This means that information should be timely, meaningful, and understandable for users of the financial statements. Prudence refers to the need for caution in accounting estimates, while comparability and reliability are also important accounting concepts but are not directly related to the requirement for useful information in financial statements.

Which Accounting Concept Is Involved in the Requirement That Financial