Which of the Following Statements About Relevant Information Is/are True

question 69

Multiple Choice

Which of the following statements about relevant information is/are true?
i. An accountant can use past prices, previous market demand and previous cost data to predict future costs when repetitive decisions are made.
ii. No relevant information is available within an organisation's information system for unique decisions.
iii. It is important to segregate relevant data from irrelevant data because it is possible to overload management with information.

• A) i
• B) ii
• C) ii and iii
• D) i and iii

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Definitions:

Social Responsibility

The obligation of a business to have a positive effect on society on four levels—economic, legal, ethical, and philanthropic.

Business's Obligation

The responsibilities and commitments a business has, including legal, financial, and ethical duties to its stakeholders.

Community

A group of people living in the same place or having a particular characteristic in common, often sharing a sense of belonging or community spirit.

Control Systems

The means to monitor input, transformation, and output so as to identify problems.