Materiality judgments are made in light of the surrounding circumstances, but need not necessarily involve both quantitative and qualitative considerations.

Name: Materiality judgments are made in light of the surrounding circumstances, but need not necessarily involve both quantitative and qualitative considerations.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Materiality judgments typically involve both quantitative and qualitative considerations to determine the significance of information in financial reporting.

Materiality Judgments Are Made in Light of the Surrounding Circumstances