Indicate the Qualitative Characteristic Being Described in Each Situation Below

question 10

Essay

Indicate the qualitative characteristic being described in each situation below:
$\begin{array}{c}\begin{array}{|l|}\hline \text {Qualitative characteristic}\\\hline \text {}\\\\\\\hline \text {}\\\\\\\hline \text {}\\\\\\\\\hline \text {}\\\hline \text {}\\\\\hline \end{array}\begin{array}{l|}\hline \text {Situation}\\\hline \text {The degree to which different people would}\\\text { agree with the information presented in the}\\\text { financial reports.}\\\hline \text {Information that is able to provide feedback}\\\text { about past performance or helps make future}\\\text { predictions of performance.}\\\hline \text {Information that lacks errors and bias, and users}\\\text { can depend on the information to be a faithful}\\\text { representation of what it is purported to}\\\text { represent.}\\\hline \text {Information that is free from bias.}\\\hline \text {The ease with which users are able to}\\\text { comprehend financial reports.}\\\hline\end{array}\end{array}$

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Definitions:

Warranty Accrual Method

An accounting method used to estimate the future costs of warranties and allocate them to the period in which the related revenue is recognized.

Warranty Expense

Represents the cost that a company expects to incur under its warranty obligations to repair or replace products that it has sold.

Washing Machines

Home appliances used for washing laundry, such as clothing and sheets.

Premium Expense

The cost associated with purchasing an insurance policy or other similar financial products.