The characteristics of materiality and comparability are both entity-specific.

Name: The characteristics of materiality and comparability are both entity-specific.
Brand: Quizplus
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Quizplus · Accepted Answer

Materiality is entity-specific, as it depends on the size and nature of the item relative to the entity's financial statements. Comparability, however, is not entity-specific; it refers to the ability to compare financial statements across different entities.

The Characteristics of Materiality and Comparability Are Both Entity-Specific