Tolerable misstatement is often set at a(n) ________ level for notes payable.

Name: Tolerable misstatement is often set at a(n) ________ level for notes payable.
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Tolerable misstatement is the maximum error in financial statements that auditors are willing to accept. For notes payable, the tolerable misstatement level is usually set at a low level because these liabilities are considered important and have a significant impact on the financial statements.

Tolerable Misstatement Is Often Set at A(n) ________ Level for Notes