Anna and Gerwin entered into a partnership on March 1, 2021 by investing Php 1,250,000 and Php 750,000 respectively. They agreed that Anna, as managing partner, will receive a salary amounting to Php 360,000 per year and a bonus computed at 10 percent of the net income after salaries; the balance of the profit will be distributed in the ratio based on their original capital contributions. On December 1, 2021, the account balances were as follows: Php 700,000 670,000 450,000 Cash Accounts Receivable Furniture and Fixtures Investment Properties 1.247.500

In your own words, what does relevance mean to you?  After tackling this topic, then research characteristics of relevance from an Accounting standards perspective and explain.

Please answer the question with the steps... Thank you

my accounting - auditing class, the question in the justification of planning materiality: Basis (normalized net income, revenue, total assets, other). What is the basis? what are the different ones and how are they calculated?