Which accounting concept relates to the extent to which information can be omitted, misstated or grouped with other information without misleading the users of that information in their decision-making?
A) Verifiability
B) Relevance
C) Materiality
D) Economic substance

Question

Quizplus · Accepted Answer

Materiality is the accounting concept that relates to the extent to which information can be omitted, misstated or grouped with other information without misleading the users of that information in their decision-making. Materiality is often judged in the context of the specific circumstances of the situation and based on the significance or impact that the information may have on users' decisions.

Which Accounting Concept Relates to the Extent to Which Information