Question

Identify which qualitative characteristic of accounting information is best described in each item below. (Do not simply use relevance and representational faithfulness.)
(a) The annual reports of Melissa Corp. are audited by public accountants.
(b) Able Corp. and Mona, Inc. both use the straight-line depreciation method.
(c) Swedish Corp. issues its quarterly report within five days after each quarter ends.
(d) Philips Inc. segregates information that relates to one of its two subsidiaries that was disposed of in the year but was included in its consolidated statements for prior years.
(e) The CFO of WebDesign stresses that factual, truthful, unbiased information is the overriding consideration when preparing WebDesign's financial information.
(f) EB Energy Inc. appreciates that financial information may be misrepresented or misinterpreted if all pertinent information is not included.
(g) Wright Industries exercises due care and professional judgement in developing all estimates and assumptions used to prepare its financial information.


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  • CreatedSeptember 18, 2015
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