Question

In: Accounting

61) Which of the following is an example of information as opposed to just data: ...

61) Which of the following is an example of information as opposed to just data:

            A)    Number of dresses sold.
            B)    Color of dresses sold.
            C)    Dress sales in Michigan at Walmart Store #3458.
            D)    Types of dresses sold per region and season.

62) Which of the following statements is most true:

            A)    Relevant information does not help predict the future.
            B)    There are sometimes tradeoffs between information that is relevant and a faithful representation.
            C)    Information must always be audited to be insightful an organization.
            D)    Information does not need to be neutral or free from bias.

Expert Solution

Answer 61.

Correct answer is Option C - Dress sale in Michigan at Walmart Store #3458.

Explanation:

Number of dress sold , color of dress , type of dress is just data which can be used in calculating amount of dress sales .

Dress sales is a information , that may be useful for the users of financial statements.

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Answer 62.

Correct answer is option B - There are sometimes tradeoffs between information that is relevant and a faithful representation .

Explanation:

Relevant information does help in predict the future, thus option a is incorrect.

There are sometimes tradeoffs between information that is relevant and a faithful representation. And judgement may be require to derive balance between the two . Thus option b is true and correct.

Information need not always be audited to be insightful for an organization. Unaudited information is also useful for deriving insight about the operations of business organisation . thus option c is incorrect.

Information should be nutral and free from bias . thus option d is incorrect.

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ekkarill92 answered 2 years ago

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