Multiple Choice
Which of the following statements is not correct?
A) Materiality is a relative rather than an absolute concept.
B) The most important base used as the criterion for deciding materiality is total assets.
C) Qualitative factors as well as quantitative factors affect materiality.
D) Given equal dollar amounts, frauds are usually considered more important than errors.
Correct Answer:
Verified
Correct Answer:
Verified
Q89: When using financial ratios, the most important
Q90: Which of the following are major difficulties
Q91: Auditors are _ to document the known
Q92: Which of the following is an accurate
Q93: Auditors cannot learn about potential related parties
Q95: The purpose of the requirement in having
Q96: Because of audit risk, some CPA firms
Q97: Qualitative factors can affect an auditor's assessment
Q98: Net assets are the most often used
Q99: To calculate the estimate of the likely