Asked by
Queennie Abatayo
on Nov 14, 2024
Verified
Euqene Cement Corporation reported $35 million for sales when it only had $20 million of actual sales. Which of the following qualities of useful information has Jackson most likely violated?
A) Comparability
B) Relevance
C) Faithful representation
D) Consistency
Faithful Representation
Numbers and descriptions match what really existed or happened—they are factual.
Sales
The revenue earned from selling goods or services over a period of time.
Useful Information
Data or facts that are accurate, timely, and relevant, enabling effective decision-making or action.
- Master the notions of relevance and faithful depiction in the context of financial reporting.
Verified Answer
MJ
Learning Objectives
- Master the notions of relevance and faithful depiction in the context of financial reporting.
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