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What is relevant information?
Information that is relevant to that particular topic, for example;A user wants to purchase a Dell computer but the employee at the computer shop gives the user a HP computer specification for another product.This information that has been passed on is not relevant to that particular object or topic as it relates to another object.
Characteristics of accounting?
Accounting provides businesses with useful and relevant information. The more accurate the information, the more the business can base business decisions on the information.
Why contribution theory is used as a basis for providing information relevant to decision making?
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Criticisms of absorption costing?
Full costing information is perceived by some critics as not very useful, because it can be backward-looking: example- it includes information irrelevant to decision making, but excludes some relevant information.
What is materiality and inmateriality in an audit?
Materiality is the magnitude of an omission or misstatement of accounting information that, in the light of surrounding circumstances, makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement. While that the relevant financial statement bases and presumptions on the effect of combined misstatements or omissions that would be considered Immaterial. It does not affect the financial statement.
