Accounting for IGCSE & O level - Advanced Principles (Section 3 - No. 2)
What does the term 'materiality' in accounting mean?
The importance of accounting information.
The size or significance of an item or event.
The need for financial statements to be accurate.
The use of historic costs in accounting.
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Materiality is the significance of an item to decision-making, affecting the level of detail reported.