Practice Quiz

Forensic Accounting

Category - Specialized Forensic Knowledge

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When is accounting information material?
  1. When it is over $1,000 in value
  2. When it is over $3,000 in value
  3. When it significantly affects the financial statements
  4. Discretion of the auditor
Explanation
Answer: C - Materiality of information has nothing to do with the face value of the amount in question. Information is deemed material when it is significant enough in the overall context of the financial statements.
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