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HIRUR Brief Exercise 2-02 Identify which specific qualitative characteristic of accounting information is best described in each item below. (a) The annual financial reports of

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HIRUR Brief Exercise 2-02 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 induded in its consolidated statements for prior years. The CFO of Web Design stresses that factual truthful, unbiased information is the overriding consideration when preparing WebDesign's financial information (1) EB Energy Inc. realices that financial information may be misrepresented or misinterpreted if all pertinent information is not included (9) Wright Industries exercises de care and professional judgement in developing allestimates and assumptions used to prepare its financial information Headlands Windows manufactures and sells custom storm windows for three-season porches. Headlands also provides installation service for the windows. The installation process does not involve changes in the windows, so this service can be performed by other vendors. Headlands enters into the following non cancellable contract on July 1, 2020, with a local homeowner. The customer purchases windows for a price of $2,600 and chooses Headlands to do the installation. Headlands charges the same price for the windows regardless of whether it does the installation or not. The price of the installation service is estimated to have a fair value of $644. The customer pays Headlands $2,156 (which equals the fair value of the windows, which have a cost of $1,500) upon delivery and the remaining balance upon installation of the windows. The windows are delivered on September 1, 2020, Headlands completes installation on October 15, 2020, and the customer pays the balance due Using the five-step process for revenue recognition, determine when and how much revenue would be recognized by Headlands. Assume Headlands follows IFRS. (Round percentage allocations to decina places, 15.25 and final answers to decimal places, e.g. 5,275.) Performance Obligation When? How much? Window delivery Installation Total

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