Question: d . Muruyama Corp. switches from FIFO to average - cost to FIFO over a 2 - year period. Which qualitative characteristic of accounting information
d Muruyama Corp. switches from FIFO to averagecost to FIFO over a year period. Which qualitative characteristic of accounting information is not followed?
e Assume that the profession permits the savings and loan industry to defer losses on investments it sells because immediate recognition of the loss may have adverse economic consequences on the industry. Which qualitative characteristic of accounting information is not followed? Do not use relevance or faithful representation.
f What are the two fundamental qualities that make accounting information useful for decisionmaking?
g Watteau Inc. does not issue its firstquarter report until after the second quarter's results are reported. Which qualitative characteristic of accounting is not followed? Do not use relevance.
h Predictive value is an ingredient of which of the two fundamental qualities that make accounting information useful for decisionmaking purposes?
i Duggan, Inc. is the only company in its industry to depreciate its plant assets on a straightline basis. Which qualitative characteristic of accounting information may not be followed?
j Roddick Company has attempted to determine the replacement cost of its inventory. Three different appraisers arrive at substantially different amounts for this value. The president, nevertheless, decides to report the middle value for external reporting purposes. Which qualitative characteristic of information is lacking in these data? Do not use relevance or faithful representation.
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