The Term "Tolerable Misstatement," Used by the Public Company Accounting

question 60

True/False

The term "tolerable misstatement," used by the Public Company Accounting Oversight Board auditing standards, has the same meaning as "performance materiality," described by AICPA and International Auditing and Assurance Standards Board standards.

---

Definitions:

Accounts Receivables

Accounts receivables are the amount of money owed to a company by its customers for goods or services that have been delivered but not yet paid for.

Population Trends

Patterns or movements in population growth, decline, or composition over time, which can impact various sectors including planning, policy, and resource allocation.

Continuous Metric

A measurement scale that allows for an infinite number of values within a given range, indicating continuous variation.

Time

The indefinite continued progress of existence and events in the past, present, and future regarded as a whole.