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a. What are the two fundamental qualities that make accounting information useful for decision making? Explain what is meant by each of these qualities. b.

a. What are the two fundamental qualities that make accounting information useful for decision making? Explain what is meant by each of these qualities.

b. Accountants consider an items materiality when deciding how to report it in the financial statements. Auditors also are concerned about materiality in the design of their audit procedures. What do accountants mean by materiality?

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