Which of the following statements is true concerning the allocation of

Which of the following statements is true concerning

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4) Which of the following statements is true concerning the allocation of preliminary materiality?A) It is necessary to allocate preliminary materiality to financial statements as a whole rather than by segments.B) Preliminary materiality should be allocated to income statement accounts only.C) Preliminary materiality is required by the SEC.D) The PCAOB term used when preliminary materiality is allocated to segments is tolerable misstatement.5) Which of the following statements is false?6) Which of the following are major difficulties auditors face when allocating materiality to balance sheet accounts?21
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7) When allocating performance materiality,8) When allocating materiality, most practitioners choose to allocate toA) the income statement accounts because they are more important.B) the balance sheet accounts because most audits focus on the balance sheet.C) both balance sheet and income statement accounts because there could be errors on either.D) all of the financial statements because it is required by GAAS.
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