Which of the following IS a characteristic of financial accounting?
A) not mandatory
B) must follow GAAP
C) emphasis on relevance of data, rather than precision
D) both A and C above

Question

Quizplus · Accepted Answer

Financial accounting is mandatory and must follow Generally Accepted Accounting Principles (GAAP) to ensure consistency and comparability among financial statements. The emphasis is on providing accurate and precise financial information for decision-making purposes. Therefore, option A and C are incorrect.

Which of the Following IS a Characteristic of Financial Accounting