Q4-35. Materiality depends on:

a. The nature of the omission or misstatement.

b. The size of the omission or misstatement.

c. Both the nature and size of the omission or misstatement.

d. The higher of 10% of total assets and 10% of total revenue.

Q4-36. An entity must disclose comparative information for:

a. Only the immediate past financial period.

b. Only for material items on the financial statements.

c. The previous comparable period for all amounts reported in the financial statements.

d. The previous comparable period for all amounts reported in the financial statements, as well as any narrative and descriptive information.