In determining whether an item is material, consideration must be given to:

Name: In determining whether an item is material, consideration must be given to:
Brand: Quizplus
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Question

Quizplus · Accepted Answer

Materiality is determined by both the size and nature of an item. The size or amount of an item may affect a user's decision-making, but the nature of the item may also be important in assessing its impact on financial statements. Therefore, both factors must be considered when determining materiality.

In Determining Whether an Item Is Material, Consideration Must Be