Question

current attempt in progress
which of the following statements is incorrect?
to be useful, information must be understandable, relevant, reliable, timely, and accurate.
the accounting system should be able to accommodate a variety of users and changing information needs.
when an accounting system is designed, no consideration needs to be given to the needs and knowledge of the various users.
a major consideration in developing an accounting system is cost effectiveness.

Explanation:

• Useful information for accounting/decision-making requires the listed qualities (understandable, relevant, reliable, timely, accurate), so the first statement is correct.
• Accounting systems must adapt to different users and evolving needs, so the second statement is correct.
• Accounting systems are explicitly designed to meet the needs and knowledge of diverse users, so the third statement is wrong.
• Cost-effectiveness is a core factor when building an accounting system, so the fourth statement is correct.

Answer:

When an accounting system is designed, no consideration needs to be given to the needs and knowledge of the various users.