Match each of the components of relevance with its definition. Relevance Definitions 1 . Confirmatory value 2 . Predictive value 3 . Materiality a. Information is useful in helping to forecast future outcomes. b. Information provides feedback on past activities. c. The nature or amount of an item has the ability to affect decisions.
Match each of the components of relevance with its definition. Relevance Definitions 1 . Confirmatory value 2 . Predictive value 3 . Materiality a. Information is useful in helping to forecast future outcomes. b. Information provides feedback on past activities. c. The nature or amount of an item has the ability to affect decisions.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Match each of the components of relevance with its definition.
Relevance |
Definitions |
1 . Confirmatory value 2 . Predictive value 3 . Materiality |
a. Information is useful in helping to b. Information provides feedback on past activities. c. The nature or amount of an item has the ability to affect decisions. |
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