Identify Which Qualitative Characteristic of Financial Reports Is Best Described

question 27

Multiple Choice

Identify which qualitative characteristic of financial reports is best described in each item below:
The financial reports of Curl Curl Ltd are audited by a chartered accountant.
Curl Curl Ltd and Bondi Ltd both use fair value accounting to recognise financial instruments.
Curl Curl Ltd authorises issue of its financial reports prior to the shareholders' meeting.

• A)relevance,comparability,timeliness.
• B)reliability,consistency,understandability.
• C)reliability,comparability,timeliness.
• D)relevance,understandability,comparability.
• E)None of the given answers.

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Definitions:

Calling Population

The group of entities from which a sample is drawn for research or surveying purposes, especially in telecommunications and marketing.

Queuing Theory

The mathematical study of waiting lines, or queues, aiming to predict queue lengths and waiting times.

Poisson Process

A statistical process that models the occurrence of a certain number of events within a fixed interval of time or space, with these events happening at a constant mean rate and independently of the time since the last event.

Probability

A numerical measure of the likelihood of a particular event occurring, expressed on a scale from 0 to 1.