Which of the following statement is incorrect?

Accounting information should not provide information on activities affecting society.

The correct answer is option 4- Accounting information should not provide information on activities affecting society.

Accounting information should provide information on activities affecting society. In the option 4 it is written that it should not provide information that's why option 4 is incorrect.

Accounting is a definite processes of interlinked activities that begins with the identification of transactions and ends with the preparation of financial statements. Every step in the process of accounting generates information. Generation of information is not an end in itself. It is a means to facilitate the dissemination of information among different user groups. Such information enables the interested parties to take appropriate decisions. Therefore, dissemination of information is an essential function of accounting. To be useful, the accounting information should ensure to:

• provide information for making economic decisions.
• serve the users who rely on financial statements as their principal source of information.
• provide information useful for predicting and evaluating the amount, timing and uncertainty of potential cash-flows.
• provide information for judging management’s ability to utilise resources effectively in meeting goals.
• provide factual and interpretative information by disclosing underly assumptions on matters subject to interpretation, evaluation, prediction, or estimation.
• provide information on activities affecting the society.