The Materiality of an Item of Financial Information Refers to the Likelihood

question 52

Multiple Choice

The materiality of an item of financial information refers to the likelihood that its omission or misstatement would affect the judgments of those relying on that information.This concept most closely relates to the

• A)financial magnitude of the item
• B)verifiability of the item
• C)neutrality of the item
• D)feedback value of the item

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Definitions:

Epicurean Ethics

A system of philosophy based on the teachings of Epicurus, focusing on achieving happiness through the pursuit of pleasure and avoidance of pain.

Christianity

Christianity is a monotheistic religion based on the life and teachings of Jesus Christ, with belief in the Holy Bible as the sacred scripture.

Stoicism

An ancient Greek philosophy that teaches the development of self-control and fortitude as a means of overcoming destructive emotions and achieving personal tranquility.

Hedonism

A philosophy that argues that the pursuit of pleasure and intrinsic goods are the primary or most important goals of human life.