Question

In: Accounting

Match the letter description listed below with the correct information characteristic listed numbers below. 1. Access...

Match the letter description listed below with the correct information characteristic listed numbers below.

1. Access restricted ___2. Accurate ___3. Available ___4. Reputable ___5. Complete ___6. Concise ___7. Consistent ___8. Current ___9. Objective ___ 10. Relevant ___

11. Timely ___ 12. Useable ___ 13. Understandable ___ 14. Verifiable ____

a. A report was carefully designed so that its data was easily comprehended by the reader.

b. A manager working on the weekend needed information about a customer’s production requests and found it on the company’s network.

c. Before production reports are accepted, two clerks working independently must produce the same information.

d. An accounts receivable aging report included all customer accounts.

e. A report was checked by three different people to make sure it was correct.

f. An accounts receivable aging report is used in credit-granting decisions.

g. An accounts receivable aging report was received be-fore the credit manager had to decide whether to extend credit to a customer.

h. Needing help with a decision, a manager sought the opinion of a highly regarded expert.

i. To protect intellectual property, a company encrypted the data, stored it in a very secure facility, and limited its use to five people.

j. Tired of keying supplier prices into a database, a pur-chasing manager insisted the data be sent in machine readable form.

k. After a lengthy, rambling presentation, a CEO insisted future presentations contain only pertinent facts and last no more than 30 minutes.

l. A new manager insisted that monthly reports look the same so she could compare a new month’s results to previous months.

m. After making a decision based on outdated data, a new CFO required all analysis to be conducted with up-to-date data.

n. Reluctant to rely on his personal feelings about a decision, a manager sought the opinion of an outside expert.

Solutions

Expert Solution

A. It is Objective
Explanation - The objective for easily understandable for the readers has been achieved with the report. Thus the objective was meetout through the report.

B.It is Available.
Explanation - Being the data is available on the company network.

C. It is Consistent.
Explanation - Two clerks working independently, thus the information of each of them must be in consistent with each other so that the production report can be accepted.

D. It is Complete.
Explanation - Because the aging report provides information of all customer accounts and thus it can be called as complete.

E. It is accurate.
Explanation - Since the report is being checked by three different people, it means, the information should be true, correct and complete. The true, correct and complete information can be called an accurate information.

F. It is useable.
Explanation - Being the information is to used for credit grant decision. Thus, the information is useable.

G.Timely
Explanation - Because the information was received timely. Thus is can be called as Timely.

H. Reputable.
Explanation - Being opinion of expert obtained for a decision. thus, it can be called as a reputable.

I. Access restricted.
Explanation - Being the confidential data was encrypted and was accesable only to the limited persons. Hence it is called as access restricted.

J. Understandble.
Explanation - Manager insist that the data should be sent in machine readable form. It means data must be understanble.

k. Concise
Explanation - Because the information must contain facts and is limited to minutes. It means, information must be concised.

L. Verifiable
Explanation - Since manager wants to compare the data to previous months. It is means the manager wants to verify the current month data.

M. Current.
Explanation - Mistakenly decision was based on the outdated data, thus in order to make correct decision, the analysis must be conducted with current information.

N. Relevant
Explanation - Being the manager sought opinion of an expert. It must be an relevant


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