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In Order to Be Useful, a Test Must Be Valid

question 357

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In order to be useful, a test must be valid, that is, it must:


Definitions:

Assets

Resources owned by a company that have economic value and can be measured and expressed in monetary terms.

Financial Accounting

The branch of accounting that focuses on the preparation of financial statements for external use, adhering to standardized guidelines.

External Decision Makers

Individuals or entities outside of a company that use its financial information to make decisions, such as investors and creditors.

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