Which of the Following Statements Is Correct

question 8

Multiple Choice

Which of the following statements is correct?

• A) Extensive guidance is given in accounting standards on the concept of materiality.
• B) The disclosure provisions of accounting standards must always be applied even if the resulting information is immaterial.
• C) Materiality only ever depends on the size of an item.
• D) The disclosure provisions of accounting standards do not need to be applied if the resulting information is immaterial.

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Definitions:

Osmosis

The movement of water molecules through a semipermeable membrane from a region of low solute concentration to a region of high solute concentration.

Selectively Permeable

A property of cellular membranes that allows them to control the passage of substances in and out of cells.

Vitamin A

A fat-soluble vitamin important for vision health, immune function, and cell growth.

Lipid Bilayer

A thin polar membrane made of two layers of lipid molecules, forming the basic structure of cell membranes.