Which of the Following Statements Regarding Materiality Is Correct

question 37

Multiple Choice

Which of the following statements regarding materiality is correct?

• A) Materiality is a key auditing concept.
• B) The preliminary assessment of materiality guides audit planning.
• C) Items are material if they impact on the decision making of the users of the financial statements.
• D) all of the above

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Definitions:

Table Column

A table column is a vertical arrangement of data in a table, where each column contains information about a specific attribute of the entities listed in the rows.

Table Row

A horizontal group of cells in a table, typically used to represent a single record or entry of data.

Cut and Paste

The process of moving data or text from one location to another by first removing it from its original location and then inserting it into a new one.

First Column

Refers to the initial column in a spreadsheet or table, often containing key information or identifiers for the rows.