Which of the following statements about materiality is not correct?
A) An item must make a difference or it need not be disclosed.
B) Materiality is a matter of relative size or importance.
C) An item is material if its inclusion or omission would influence or change the judgement of a reasonable person.
D) All of these are correct statements about materiality.
Correct Answer:
Verified
Q41: Which of the following best describes the
Q42: You want to improve the qualitative characteristics
Q43: Which of the following serves as the
Q44: Fraudulent financial reporting is a business reality.While
Q45: Where there is a significant uncertainty with
Q45: Application of the full disclosure principle
A)is theoretically
Q49: Schmidt Ltd.aims to improve the qualitative characteristics
Q50: The operations of a resource company's oil
Q64: The accounting principle of matching is best
Q67: Charging off the cost of a wastebasket
Unlock this Answer For Free Now!
View this answer and more for free by performing one of the following actions
Scan the QR code to install the App and get 2 free unlocks
Unlock quizzes for free by uploading documents