Information Is Data Converted into a Meaningful and Useful Context

question 238

True/False

Information is data converted into a meaningful and useful context. The truth about information is that its value is only as good as the people who use it. People using the same information can make different decisions depending on how they interpret or analyze the information.

---

Definitions:

Uninsured Plant

Property, machinery, or industrial facilities not covered by insurance against loss or damage.

Extraordinary Item

Rare and significant events that are both unusual and infrequent in nature, whose financial effects are separated out on a company's income statement to provide clearer results.

Discontinued Component

A segment or unit of a business that has been sold or terminated, which is reported separately in the financial statements.

Book Values

The net value of an asset according to its balance sheet account balance, calculated as the original cost minus accumulated depreciation, depletion, or amortization.