"Faithful representation" is one of the desirable qualities of accounting information. This means that such information should:

Eliza buys a car from TinCar Autos with a warranty that says that any defect of the car will be repaired or replaced free for a period of six months after the sale. TinCar has taken security interests in the car

Before completely paying for the car, Eliza sells the car to Mona for cash. Mona is unaware of TinCar's security interest in the car. After Eliza misses several of her payments, TinCar discovers that Mona has the car, and repossesses it. What kind of warranty did TinCar provide to Eliza? A) limited warranty B) full warranty C) warranty of good title D) warranty of no interference

What information does a firm's balance sheet provide to the viewing public?

A) a complete listing of all of a firm's cash receipts and cash expenditures for a defined period of time B) an itemization of all of a firm's assets, liabilities, and equity as of the balance sheet date C) a report of investments made and their cost for a specific period of time D) a report of revenues and expenses for a defined period of time