Which of the following statements about materiality is correct?
A) An item must make a difference or it need not be disclosed.
B) Materiality is a matter of relative size or importance.
C) An item is material if its inclusion or omission would influence or change the judgment of a reasonable person.
D) All of these answers are correct.

Question

Quizplus · Accepted Answer

All of the statements are correct. Materiality is a matter of relative size or importance, an item must make a difference or it need not be disclosed, and an item is material if its inclusion or omission would influence or change the judgment of a reasonable person.

Which of the Following Statements About Materiality Is Correct