The concept of materiality (indicate all correct answers):a. Requires that financial statements be accurate to thenearest dollar, but need not show cents.b. Is based upon what users of financial statements arethought to consider important.c. Permits accountants to ignore generally acceptedaccounting principles in certain situations. d. Permits accountants to use the easiest and most conve-nient means of accounting for events that are immaterial.

The concept of materiality (indicate all correct answers):a. Requires that financial statements be accurate to thenearest dollar, but need not show cents.b. Is based upon what users of financial statements arethought to consider important.c. Permits accountants to ignore generally acceptedaccounting principles in certain situations. d. Permits accountants to use the easiest and most conve-nient means of accounting for events that are immaterial.

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter2: Audits Of High-risk Accounts

Section2.7: Bankrate, Inc.

Problem 3Q

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