Asked by Blake Waldman on Jun 18, 2024
Verified
Which one of the following is not a qualitative characteristic of useful accounting information?
A) relevance
B) verifiability
C) going concern
D) comparability
Qualitative Characteristic
A fundamental attribute that makes the information provided in financial statements useful to users.
Going Concern
An accounting principle that assumes a company will continue in operational existence for the foreseeable future, without the intention or necessity of liquidation.
- Acknowledge the qualitative properties that render financial information useful.
Verified Answer
BU
Bruce UchebenuJun 21, 2024
Final Answer :
C
Explanation :
Going concern is an accounting principle that assumes a company will continue in operation for the foreseeable future, rather than a qualitative characteristic of useful accounting information. The qualitative characteristics include relevance, verifiability, and comparability, among others, which help ensure the information meets users' needs.
Learning Objectives
- Acknowledge the qualitative properties that render financial information useful.
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