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The definition of Materiality is: c. accuracy is always the most important consideration regardless of cost a. amount is large enough to have a significant impact on financial statements Od. IFRS is more authoritative than GAAP b. mistakes don't need to be corrected Sil

The definition of Materiality is: c. accuracy is always the most important consideration regardless of cost a. amount is large enough to have a significant impact on financial statements Od. IFRS is more authoritative than GAAP b. mistakes don't need to be corrected Sil

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The definition of Materiality is: c. accuracy is always the most important consideration regardless of cost a. amount is large enough to have a significant impact on financial statements Od. IFRS is more authoritative than GAAP b. mistakes don't need to be corrected Sil
Transcribed Image Text:The definition of Materiality is: c. accuracy is always the most important consideration regardless of cost a. amount is large enough to have a significant impact on financial statements Od. IFRS is more authoritative than GAAP b. mistakes don't need to be corrected Sil
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