To Determine Whether or Not Information Is Material,paragraph 9 of AASB

question 35

Multiple Choice

To determine whether or not information is material,paragraph 9 of AASB 1031 indicates that it is material if its omission,misstatement or non-disclosure has the potential,individually or collectively to:

• A) affect the discharge of accountability by the governing body of the entity.
• B) be greater than 1 per cent of the total assets of the entity.
• C) influence management to make decisions which will affect users of the financial report.
• D) present the financial report in a "true and fair" manner.
• E) deceive the auditors and regulators.

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Definitions:

Effective Hiring

The process of identifying, attracting, and selecting the most suitable candidates for a job in a timely and cost-efficient manner.

Communicating Expectations

Refers to the process of clearly and effectively outlining and sharing the goals, roles, and responsibilities expected within an organization or between individuals.

Postconventional Level

A stage in moral development where individuals make ethical decisions based on universal principles and internalized morals rather than conforming to societal or authority-driven standards.

Moral Development

The process by which individuals evolve their understanding of what is right and wrong, often described through stages by psychologists.