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Question 2 (a) The statement of financial performance and financial position contains only past information, and therefore are not very relevant for decision making. Discuss.

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Question 2 (a) "The statement of financial performance and financial position contains only past information, and therefore are not very relevant for decision making." Discuss. (5 marks) (b) \"It is possible for an entity to build up hidden amount of profit (known as secret reserves) by making some adjustments in the profit and loss account (Income Statement)" Discuss. (6 marks)

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