Question：Which is the best way of describing a material item?
A. It amounts to more than 5% of the total of which it forms a part.
B. It is an item the knowledge of which is likely to influence the users' understanding of the accounts.
C. It is large in relation to the same figure in previous years.
D. It is one which would reduce a company's profits.
The correct answer is:It is an item the knowledge of which is likely to influence the users' understanding of the accounts.
All other options are used in assessing whether an error is material or not.
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