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a. Is only relevant when preparing annual financial statements as opposed to quantity statements b. Is applicable only for low-cost items that cost less than,
a. Is only relevant when preparing annual financial statements as opposed to quantity statements b. Is applicable only for low-cost items that cost less than, say, \$500 c. Is the only defence for gross negligence by an independent accountant d. Does not necessarily imply that an immaterial amount can be ignored for accounting purposes
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