100%(9)9 out of 9 people found this document helpful
This preview shows page 1 - 3 out of 6 pages.
Lisa MaugansAcct 555 Week 4 HomeworkJanuary 24, 2016MULTIPLE CHOICE QUESTIONS FROM CPA EXAMINATIONS9-22 (Objectives 9-1, 9-2)The following questions deal with materiality.Choose the best response.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 relativeto other items in the financial statements.(3)Materiality depends on the nature of an item rather than the dollar amount.X(4)Materiality is a matter of professional judgment.b.Which of the following is notcorrect about materiality?1
Lisa MaugansAcct 555 Week 4 HomeworkJanuary 24, 2016