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What is material and immaterial in accounting?

In accounting, materiality refers to the relative size of an amount. Relatively large amounts are material, while relatively small amounts are not material (or immaterial). Determining materiality requires professional judgement.

What is considered immaterial in accounting?

Immaterial in accounting is a concept that addresses information that is neither relevant nor useful.

What are the 3 levels of materiality that are used to determine the type of opinion to issue?

Three types of audit materiality include overall materiality, overall performance materiality, and specific materiality.

What are the factors affecting the determination of materiality?

Materiality depends on the size and nature of the omission or misstatement judged in the surrounding circumstances. The size or nature of the item, or a combination of both, could be the determining factor. '