Match the descriptions with their terms :
-The extent that omissions or misstatements of information could affect users' decisions.
A) Resource providers
B) Materiality
C) Assets
D) SAC 13
E) Full disclosure principle
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Question

Match the descriptions with their terms :
-The extent that omissions or misstatements of information could affect users' decisions.
A) Resource providers
B) Materiality
C) Assets
D) SAC 13
E) Full disclosure principle 
F) Cost
G) A conceptual framework
H) Verifiability
I) The Conceptual Framework
J) The Framework
K) Losses
L) Contingent liabilities

Quizplus · Accepted Answer

Materiality refers to the significance of financial information to decision-making. Information is considered material if omitting it or misstating it could influence the economic decisions of users taken on the basis of the financial statements.

Match the Descriptions with Their Terms