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In the Statement of Financial Accounting Concepts (SFAC) No. 8. SFAC No. 8 the position about materiality is that: Multiple Choice It should always be

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In the Statement of Financial Accounting Concepts (SFAC) No. 8. SFAC No. 8 the position about materiality is that: Multiple Choice It should always be determined only through qualitative evaluations It should always be determined through quantitative evaluations It should always be determined by considering whether the amount affects past financial statements It should be determined by how the magnitude of the item would be viewed by a reasonable person

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