Reference no: EM131259458
1. Which of the following statements about materiality is not correct ?
a.Materiality is a pervasive constraint
b.Materiality is a matter of relative size or importance
c.An item is material if its inclusion or ommission would influence or change the judgment of a reasonable person
d An item must make a difference or it need not be disclosed
2. Which of ghe the following are considered pervasive constraints by statement of financial accounting cbcept no 2
a cost benefit relationship and conservatism
b materiality and cost benefit relationship
c conservatism and faithful representation
d timeliness and confirmatory value
3. In classifying the elements of financial statements, the primary distinction between revenues and gains is
a the materiality of the amounts involved
b the likelihood that the transactions involved will recur in the future
c the nature of the activities that gave rise to the transactions involved.
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Statements about materiality
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