Which of the following phrases or terms regarding materiality is used by the Supreme Court of the United States and is not found in FASB Concepts Statement No.2?
A)"amount of a misstatement or omission"
B)"in light of surrounding circumstances"
C)"probable that the judgement of a reasonable person"
D)"significantly altered the total mix of information available"

Question

Quizplus · Accepted Answer

"significantly altered the total mix of information available" is a phrase used by the Supreme Court of the United States, but it is not found in FASB Concepts Statement No.2. The other options are all terms used in both sources.

Which of the Following Phrases or Terms Regarding Materiality Is