Information Is Material If It Has the Potential,individually or Collectively,to

question 25

Multiple Choice

Information is material if it has the potential,individually or collectively,to influence economic decisions of users taken on the basis of financial statements through:

• A) non-disclosure.
• B) omission.
• C) misstatement.
• D) all of the given answers.

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Definitions:

Enforced

Enforced means to compel compliance or adherence to a law, rule, or obligation, often involving the implementation of measures to ensure that terms or directives are followed.

Void Contracts

Agreements that are not legally enforceable from the outset due to the presence of certain defects in the contract.

Minor

An individual under the age of legal adulthood, typically seen as below the age of 18 in most jurisdictions.

Statute of Frauds

A legal principle requiring certain types of contracts to be written and signed to be enforceable.