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Identify the qualitative characteristic of financial information that has been violated in each of the following scenario! Scenario a) Description Thorn Cafs has reported several
Identify the qualitative characteristic of financial information that has been violated in each of the following scenario! Scenario a) Description Thorn Cafs has reported several gains for the period but has not provided any explanation or proof of how they occurred. Monte Carlo Hotels has a new controller who did not include b) accompanying notes to the 2021 financial statements. The information was instead included with the 2022 financial report in the following year. Toland Restaurants uses a different accounting policy to value their c) inventory than other restaurant companies. There is no justification for the use of this accounting policy in the notes to the financial statements. Eris Hotels used many uncommon hospitality terms and industry language d) in the notes to the financial statements. This language was not explained anywhere else. A bank decided not to grant a loan to Mida Hotels after a customer filed a e) substantial lawsuit. Mida did not include any mention of the lawsuit in the financial statements or in the notes to the financial statements. N 4
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