Answered step by step
Verified Expert Solution
Question
1 Approved Answer
For each of the following situations listed below, match the following information quality characteristic that either most accurately applies to the situation, or would
For each of the following situations listed below, match the following information quality characteristic that either most accurately applies to the situation, or would be the best characteristic to improve the information. More than one characteristic could apply to each situation but choose the most appropriate one. Question 1. 2. 3. 4. Information Situation At the beginning of the COVID-19 pandemic, the United States was behind many other countries in testing people for the coronavirus. News reports said that people with symptoms struggled for access to tests, often in vain. The lack of testing availability resulted in reports of COVID cases that bore no resemblance to the reality of how much the virus had really spread. Consequently, there was fear and uncertainty. This characteristic strongly factors into the reason for reporting land and buildings at historical cost in a company's Balance Sheet, even though this value may bear no resemblance to the fair market value of the asset. In the income statement of a company, sales transactions included in the revenue amount are only those that reflect revenue earned during the reporting period-no more and no less. In the management decision to replace a long-haul transportation truck used for the past 10 years, inclusion of information about the original cost of the truck in a report has no (fill in the characteristic). Characteristic Accessibility Completeness Comparability Confirmatory value Faithful representation Predictive value Relevance Timeliness Understandability Verifiability
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started