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Introduction to Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountIntroduction to Accounting1 Mark
MCQ
____________ are important characteristics of Financial Statement.
  • A
    Understandability
  • B
    Comparability
  • C
    Reliability
  • ✓
    All of the above
✓

Answer

Correct option: D.
All of the above
Financial accounting is the field of accounting concerned with the summary, analysis and reporting of financial transactions pertaining to a business.
Financial accounting reports the results and position of business to government, creditors, investors, and external parties.

Understanding, comparability, and reliability is important characteristics of financial accounting.

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