ACCT 555 Week 4 - Chicken Homework Week 4 Revised questions 9-22(Objectives 9-1 9-2 The following questions deal with materiality Choose the best

ACCT 555 Week 4 - Chicken Homework Week 4 Revised questions...

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Chicken Homework Week 4 Revised questions 9-22 (Objectives 9-1, 9-2) The following questions deal with materiality. Choose the bestresponse.a. Which one of the following statements is correct concerning the concept of materiality? (1) Materiality is determined by reference to guidelines established by the AICPA.(2) Materiality depends only on the dollar amount of an item relative to other items in thefinancial statements.(3) Materiality depends on the nature of an item rather than the dollar amount.(4) Materiality is a matter of professional judgment. b. Which of the following is not correct about materiality?
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