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.
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The geography made a lot of difference in the life and the economy of the Middle Colonies. The Northern Colonies lived along the colder, rocker coast. Their ability to farm was not as good but they were able to grow enough to keep their own families. The Southern Colonies were greatly involved in farming.. but it was not necessarily the edible kind. Most of their cash crops were cotton, cane sugar and indigo. These crops need a lot of moist damp soil. The Middle Colonies had a temperate climate that lent itself for growing most of the grains, fruits and vegetables for the cities. The Middle Colonies were known as the Bread Basket.
