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    Question

    Which of the following is not an example of a material

    misstatement?┬а
    A Recording a transaction twice Correct Answer Incorrect Answer
    B Failing to record a significant transaction Correct Answer Incorrect Answer
    C Recording a transaction for the wrong amount Correct Answer Incorrect Answer
    D Recording a transaction in the wrong period Correct Answer Incorrect Answer

    Solution

    Recording a transaction in the wrong period may be a mistake, but it is not necessarily a material misstatement unless it affects the financial statements in a significant way. The other options are all examples of material misstatements that could have a significant impact on the financial statements.

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