The conceptual framework for financial reporting identifies the qualitative characteristics and foundational principles that make accounting information useful. For the following situation, indicate: (a) the name of the foundational principle; and (b) whether the company is complying with the foundational principle and how you know that this is the case. Situation: Ripley's Auto Manufacturing Corporation prepares financial statements regularly, on a quarterly basis, to ensure that investors and creditors have relevant, timely information for making their business decisions