If an item is not considered material, that item can be accounted for in the most expedient manner.

Name: If an item is not considered material, that item can be accounted for in the most expedient manner.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Non-material items can be accounted for in a manner that is most efficient and cost-effective, as their omission or misstatement does not influence the decision-making process of the users of financial statements.

If an Item Is Not Considered Material, That Item Can