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Questions and Answers
What makes information relevant to users of financial statements?
What makes information relevant to users of financial statements?
- Conclusive Value
- Descriptive Value
- Predictive Value (correct)
- Historical Value
How does materiality affect the relevance of information in financial statements?
How does materiality affect the relevance of information in financial statements?
- Material information makes all other information relevant
- Materiality has no impact on the relevance of information
- Only material information is relevant
- Material information influences the economic decisions of users (correct)
Why is confirming or correcting past predictions considered essential for relevant information?
Why is confirming or correcting past predictions considered essential for relevant information?
- For predictive value and confirmatory value (correct)
- To ensure historical accuracy
- To provide more data for analysis
- For ensuring data completeness
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