_________ Refers to the Importance of an Item to Financial

question 43

Multiple Choice

_________ refers to the importance of an item to financial statement users in terms of its relevance to decision-making.

• A)Comparability
• B)Materiality
• C)Consistency
• D)Objectivity

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Definitions:

Conditional Gift

A stipulation in which the transfer of an asset, money, or property is subject to fulfilling a specific condition by the receiver.

Incomplete Gift

A gift for which the legal process of transfer has not been entirely finalized or where the donor has retained some control over the gift.

Revoked

The act of officially withdrawing, canceling, or reversing a decision, privilege, or status.

Donor

A person who makes a gift.