Which of the following is not an objective of financial reporting? Multiple Choice

1. To provide information about the fair value of an entity’s economic resources.
2. To report financial performance from the perspective of cash inflows and outflows.
3. To provide indirect information about management’s performance in meeting its responsibilities for stewardship of the entity. Incorrect
4. To provide information that is useful to investors and creditors.

The answer is 3. To provide indirect information about management’s performance in meeting its responsibilities for stewardship of the entity.

Explanation:

Financial reporting mainly deals with providing reliable and accurate financial information to stakeholders, investors and related parties to ensure a smooth flow of the economic activities.

However, it's not a standard of how the management perform and govern the entity. There are seperate rules and laws to ensure the transparency and the performance of the management.

c

explanation:

c because the item on a bank statement is also referred to as an account statement. in addition, it provides the beginning balance, ending balance, statement date, transaction date for each transaction, payee, customer name and address, statement period, the account holder's account number, and the bank's customer service number

1. avoid them

2. a talk with them

3. ask someone you trust

4. ignore

5. call police