All revenue accounts designated "miscellaneous" or "other" are generally immaterial in amount and,therefore,not audited.

Name: All revenue accounts designated "miscellaneous" or "other" are generally immaterial in amount and,therefore,not audited.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

All revenue accounts, regardless of how they are designated, should be audited to ensure accuracy and completeness of the financial statements. The materiality of the account should not determine whether or not it is audited.

All Revenue Accounts Designated "Miscellaneous" or "Other" Are Generally Immaterial