The relevance principle prescribes what information is repor Determine which of the statements below is (are) correct regarding the relevance principle. (Check all that apply.) The principle prescribes that an accounting information system reports information that is cost effective to gather. The principle prescribes that an accounting information system reports information that is timely. The principle prescribes that an accounting information system reports information that is timely for effective decision making. The principle prescribes that an accounting information system reports information that is useful. The principle prescribes that an accounting information system reports information that is understandable