Which of the following statement is NOT true about financial accounting?

Question

Which of the following statement is  NOT  true about financial accounting?

Answer

Financial accounting reports are to assist people in deciding whether to invest or not in a firm.

Answer

Information on a firm’s economic resources and obligations can be obtained from its financial accounting reports.

Answer

Companies are free to choose any presentation format and standards to present their financial accounting reports.

Answer

Financial accounting provides periodic reports to outsiders about firm performance.

Crowdly