Indicate Whether Each of the Following Statements About Financial Statement

Short Answer

Indicate whether each of the following statements about financial statement analysis is true or false.
Meaningful comparisons between two companies generally should be made using percentage analysis or ratio analysis,not absolute amounts.______
The materiality of accounting information refers to whether it is viewed as favorable (good news)or unfavorable (bad news).______
Companies must account for immaterial items in compliance with generally accepted accounting principles.______
To judge the materiality of an absolute financial statement amount,one must consider the size of the company reporting it.______
Comparing percentages derived from financial statement analysis has the drawback of varying materiality levels.______