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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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