Many Accountants Argue That Relevance and Reliability Often Require Trade-Offs

question 64

Essay

Many accountants argue that relevance and reliability often require trade-offs.
Define both relevance and reliability and explain what is meant by "trade-offs" between relevance and reliability.Include in your explanation a specific example of where trade-offs could occur.

---

Definitions:

Animals Using Tools

The behavior of non-human animals that involves using objects as functional extensions of body parts to accomplish tasks.

Chimpanzees

A species of great ape known for their complex social behaviors and considered to be the closest living relatives to humans.

Gorillas

Large apes native to the forests of central Sub-Saharan Africa, known for their complex social structures and behaviors.

Behavior

The behaviors exhibited by an organism, typically as a response to its surroundings, which may be inherent or acquired.