Which of the following is a characteristic of financial accounting information?
A)Its preparation requires judgment.
B)It is more about the future than it is about the past.
C)None of it is based on estimates,assumptions,and judgments.
D)Notes and explanations from management are not included.

Question

Quizplus · Accepted Answer

Financial accounting information is based on estimates, assumptions, and judgments made by the accountant or preparer. Judgment is necessary to make decisions about what information to include, how to record transactions, and how to present the information.

Which of the Following Is a Characteristic of Financial Accounting