For Each Example,write the Qualitative Characteristic(s)or Accounting Term That Best

question 42

Essay

For each example,write the qualitative characteristic(s)or accounting term that best corresponds.
a.A company that uses a different inventory method every year is not following this characteristic of financial information.
b.An error of $100 of revenue for Sherry's Dairy King versus $100 of revenue for McDonald's.
c.Record revenue when it is earned and record expenses when incurred regardless of when cash changes hands.
d.A parent corporation,a subsidiary,and a retail store are examples of this concept.
e.The SEC requires companies with publicly traded securities to file financial reports with the SEC quarterly.
f.Three auditors count the same amount of cash.

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Definitions:

Psychic

Pertaining to phenomena or abilities claimed to be beyond the natural physical laws, such as extrasensory perception or telekinesis.

Poison

A substance that is capable of causing illness or death to organisms, typically by chemical reaction or other activity on the molecular scale, when an adequate quantity is absorbed.

Anecdotes

Short, often amusing or interesting stories about a real incident or person, typically used to illustrate or support a point.

ESP

Extrasensory perception, which is the claimed ability to gain information through the mind without the use of the traditional five senses.