With respect to the concept of materiality,
which one of the following statements is
correct?
a. Materiality is a matter of
professional judgment.
b. Materiality is determined by reference to
AASC's guidelines.
c. Materiality depends on the nature of a
transaction rather than the peso amount
of the transaction.
d. Materiality depends only on the peso
amount of an item relative to other items
in the financial statements
which one of the following statements is
correct?
a. Materiality is a matter of
professional judgment.
b. Materiality is determined by reference to
AASC's guidelines.
c. Materiality depends on the nature of a
transaction rather than the peso amount
of the transaction.
d. Materiality depends only on the peso
amount of an item relative to other items
in the financial statements