Which of the Following Statements Concerning Materiality Is True

question 101

Multiple Choice

Which of the following statements concerning materiality is true?

• A)Generally accepted accounting principles are violated if estimates are used in end-of-period adjustments.
• B)Each year the Financial Accounting Standards Board (FASB)publishes the dollar amount considered "material" for each industry.
• C)Immaterial items should be handled in the most expedient manner,even if resulting financial statements are not completely precise.
• D)Accountants should not waste time and money in recording transactions involving small dollar amounts.