For each of the information situations listed below, match the following information quality characteristic that
either most accurately applies to the situation or would be the best characteristic to improve the information.
Where more than one characteristic could apply, choose the most appropriate one. Characteristics may be used
more than once.
Information quality characteristics:
Completeness
Relevance
Predictive value
Understandability
Timeliness
Faithful representation
Confirmatory value
Comparability
At the beginning of the COVID-19 pandemic, the United
States was behind many other countries in testing
Timeliness
people for the coronavirus. News reports said that
people with symptoms struggled for access to tests,
often in vain. The lack of testing availability resulted in
reports of COVID cases that bore no resemblance to the
reality of how much the virus had really spread.
Consequently, there was fear and uncertainty
This characteristic strongly factors into the reason for
reporting land and buildings at historical cost in a
company's Balance Sheet, even though this value may
bear no resemblance to the fair market value of the
asset.
In the income statement of a company, sales
transactions included in the revenue amount are those,