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

question 69

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% of the total assets of the entity.
• C) influence management to make decisions that will affect users of the financial report.
• D) present the financial report in a 'true and fair' manner.

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Definitions:

Realistic Positive Characteristics

Traits or features that are positively grounded in reality, contributing to an individual's ability to cope effectively with life's challenges.

Antidepressant Medication

Drugs prescribed to alleviate symptoms of depression by adjusting chemical imbalances in the brain.

Situational Low Self-Esteem

A temporary drop in confidence and self-worth tied to specific circumstances or events, contrasted with chronic low self-esteem.

Ineffective Coping

A response mechanism to stress or trauma that fails to alleviate distress or resolve the underlying problem.