Materiality Relates to the Significance or Importance of an Item

question 58

True/False

Materiality relates to the significance or importance of an item.

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Definitions:

Confidence Level

The probability that the value of a parameter falls within a specified range of values, often associated with a confidence interval.

Confidence Interval

A range of values derived from sample data that is likely to contain the true population parameter with a specified level of confidence.

Population Mean

The average value of all elements in a population.

Population Values

The actual numerical values representing a characteristic of every individual member of a population.