Relevance is basically when the the accounting information is important to the user, allows him to revise or reform a review.
Paper was pretty darn confusing, I think I did well, its just that for MANY questions, me and all my freinds, who got A in Mocks, are getting different answer for most sh*t, for example, for income and exp, I got deficit of 345, someone else got surplus, one even got 0!
And than the pnl account, I got 3400, ( you had to add stationery, deducting it from the closing value, which was 45 or something, I asked teacher on this). sh*t paper.