Materiality is important because if financial statements are materially misstated, users' decisions may be affected, and thereby cause financial loss to them. It is difficult to apply because there are often many different users of the financial statements is the correct statement for the difficulty of applying the materiality in practice.
Answer: Option C
<u>Explanation:</u>
Materiality is important but difficult to apply in practice because the user’s decisions may be hugely affected if the financial statements are misstated materially and this may cause a loss.
It is also very difficult in applying in practice due to having many different users of the financial statements. Making an assessment of the users is compulsory by the auditors and use the application of the materiality.
Answer:
flashbulb memory
Explanation:
Those in the baby boom generation would always have a flash bulb memory due to the event that happened in this generation. The assassination of president Kennedy.
We can describe a flashbulb memory to be a greatly detailed, or clear picture of the moment and things that are happening in which a piece of shocking and greatly concerning news was learnt.
It is when we remember what we were doing when we heard of an important/shocking news as is the case in this question.
<em><u>Expansionary Monetary Policy is pursued by Federal Reserve.</u></em>
<u>Explanation:</u>
Expansionary Monetary is a macroeconomic policy which takes an action on economic growth of the country. Expansionary policy can be either monetary policy or fiscal policy or combination of both. Its increases the money supply, boosts aggregate demand and lowers the interest rates.
It deters the contractionary phase of the business cycle. It’s even included that policy’s purchases of government securities and reduction in the ration of reserves, the other point is discount rate decreases.
Equality is giving everyone the same amount of something. Equity is giving those who are in need more of something in order to help them be equal with others. For example, an equalist will give everyone the same amount of food regardless of their size. An equitist, on the other hand, will give food in accordance to one's size. In my opinion, both have their pros and cons.
