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    Question

    Materiality concept in accounting

    implies:
    A All items must be separately disclosed regardless of size Correct Answer Incorrect Answer
    B Only items that could influence users’ decisions need separate presentation Correct Answer Incorrect Answer
    C Materiality relates to physical materials only Correct Answer Incorrect Answer
    D Material items are recorded off-balance sheet Correct Answer Incorrect Answer
    E None of the above Correct Answer Incorrect Answer

    Solution

    Materiality allows aggregation of immaterial items and separate disclosure of material ones.

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