To be considered useful, financial information must be relevant and reliable. (True or false?)

To be considered useful, financial information must be relevant and reliable.

Indicate whether the statement is true or false

(Q. 2) Cash receipts of 719 and a cash count of 715 would indicate a cash overage.
a. True
b. False
Indicate whether the statement is true or false

(Q. 3) The amount of the total cash paid to the seller for merchandise purchased for consumption would normally include
a. only the list price
b. only the sales tax
c. the list price plus the sales tax
d. the list price less the sales tax

(Q. 4) On July 1, Team Shirts paid 600 for three months' worth of advertising beginning on July 1. What is the balance in the Prepaid advertising account at July 31?

A) 0
B) 200
C) 400
D) 600

(Q. 5) The control goal of ensuring input materiality strives to prevent fictitious items from entering an information system.
Indicate whether the statement is true or false

(Q. 6) All liabilities represent the costs incurred to generate revenues.

Indicate whether the statement is true or false

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To be considered useful, financial information must be relevant and reliable. (True or false?)

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