The Concept of Materiality (Indicate All Correct Answers)

question 76

Multiple Choice

The concept of materiality (indicate all correct answers) :

• A) Requires that financial statements are to be accurate to the nearest dollar, but need not show cents.
• B) Is based upon what users of financial statements are thought to consider important.
• C) Permits accountants to ignore other generally accepted accounting principles in certain situations.
• D) Permits accountants to use the easiest and most convenient means of accounting for events that are immaterial.

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Definitions:

Five Steps

A structured approach or process broken down into five stages to achieve a particular goal or solve a problem.

Gender Bias

A predisposition or inclination that leads to unfair treatment or judgement based on an individual's gender.

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The unique way in which an individual uses language, including choice of words, tone, pace, and use of metaphors, which can influence communication and perception in social interactions.

Gender Discrimination

Unjust treatment or considerations based on an individual's sex, often resulting in inequality in opportunities, resources, and rights.