Section 11 of the Securities Act of 1933 uses the term material fact to limit...
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Accounting
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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