Materiality is first set at the account balance level and is then aggregated to the financial statement level.

Name: Materiality is first set at the account balance level and is then aggregated to the financial statement level.
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Quizplus · Accepted Answer

Materiality is first set at the overall financial statement level and is then broken down to the account balance level. This allows for a better understanding of the overall impact of materiality on the financial statements.

Materiality Is First Set at the Account Balance Level and Is