The following statements describe the annual report issued by Short Sheet Company for the fiscal year ended December 31, 2004.
A. The report was issued on October 1, 2005.
B. The balance sheet included management’s estimates of the increased value of certain fixed assets during 2004.
C. Procedures used to calculate revenues and expenses were different for 2004 than for 2003 and earlier years.
D. Short’s financial statements were audited by an accounting firm owned by the president’s brother.
E. Some of the company’s major liabilities were not included in the annual report.
Required For each statement, identify the qualitative characteristic that has been compromised.
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