Question: Question 1 (a) Accounting is irrelevant in decision making because the information it provides relates only to the past. Discuss briefly on this statement. (6

Question 1 (a) "Accounting is irrelevant in decision making because the information it provides relates only to the past." Discuss briefly on this statement. (6 marks) (b) Liabilities have credit balances which the company has an obligation to pay the creditors in the near future, resulting in an outflow of future cash flow. Revenues are incomes earned by the company from selling products or performing services and also have credit balances like liabilities. Then, why do revenues have credit balances like liabilities? Explain on this statement. (4 marks)

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