Which One of the Following Statements Is Correct Concerning the Concept

question 70

Multiple Choice

Which one of the following statements is correct concerning the concept of materiality?

• A)Materiality is determined by reference to guidelines established by the Australian Securities and Investments Commission (ASIC).
• B)Materiality depends only on the dollar amount of an item relative to other items in the financial report.
• C)Materiality depends on the nature of an item rather than on the dollar amount.
• D)Materiality is a matter of professional judgment.

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Definitions:

Postural Muscles

Muscles that are used to maintain posture and balance, particularly those in the back, neck, and abdomen.

Rapid Eye

Often associated with the rapid eye movement (REM) phase of sleep, characterized by quick movements of the eyes under closed eyelids, typically associated with vivid dreaming.

Dreams

A series of thoughts, images, and sensations occurring in a person's mind during sleep.

Postural Muscles

Muscles that are used to maintain body posture and balance, often working to hold the body stable in stationary positions and during movement.