Identify which specific qualitative characteristic of accounting information is best described in each item below. a. The
Question:
Identify which specific qualitative characteristic of accounting information is best described in each item below.
a. The annual financial reports of Treelivingo Corp. are audited by public accountants.
b. Able Corp. and Mona Inc. both use the straight-line depreciation method.
c. Global Corp. issues its quarterly reports within five days after each quarter ends.
d. Filipo Inc. segregates information that relates to one of its two subsidiaries, which 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. realizes 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.
Step by Step Answer:
Intermediate Accounting Volume 1
ISBN: 978-1119496496
12th Canadian edition
Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy