Question
Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard
Section 11 of the Securities Act of 1933 uses the term material fact to limit the amount of information required. Under the Act, the standard used to determine an items materiality
A. may be found in FASB pronouncements.
B. is the auditors professional judgment.
C. has been established by the SEC as a percent of net income or of total assets.
D. is the average prudent investor.
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Fundamental financial accounting concepts
Authors: Thomas P. Edmonds, Frances M. Mcnair, Philip R. Olds, Edward
8th edition
978-007802536, 9780077648831, 0078025362, 77648838, 978-0078025365
