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Worldatwork Exam T7 Topic 1 Question 98 Discussion

Actual exam question for Worldatwork's T7 exam
Question #: 98
Topic #: 1
[All T7 Questions]

Company XYZ does not disclose any information in the notes to their financial statements unless the value of the information to users exceeds the expense of gathering it. Which constraint of Level 3 of the conceptual framework does this represent?

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Suggested Answer: B

by Levi at Sep 16, 2024, 09:44 AM

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Karan
3 months ago
Hmm, let's see... I'll go with 'the constraint of not disclosing information about cookies in the financial statements.'
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Arthur
2 months ago
User 3: Yeah, it's important to consider the cost of gathering information before disclosing it.
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Nickie
2 months ago
User 3: Yeah, it wouldn't make sense to incur expenses for information that is not important to users.
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Darrin
2 months ago
User 2: I agree, it makes sense to only disclose information that is material to users.
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Trina
2 months ago
User 2: I agree, it makes sense to only disclose information that is material to users.
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Wilson
2 months ago
User 1: I think it's B) Materiality.
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Adolph
3 months ago
User 1: I think it's B) Materiality.
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Rasheeda
3 months ago
I'm gonna go with 'Chocolate Chip Cookie' just to keep things interesting.
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Stefany
3 months ago
C) Expense
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Virgie
3 months ago
B) Materiality
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Augustine
3 months ago
A) Cost
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Celeste
4 months ago
Expense? Isn't that just another word for cost? I'm not buying it.
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Tamala
2 months ago
D) Disclosure
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Jaime
2 months ago
C) Expense
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Lashandra
3 months ago
B) Materiality
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Val
3 months ago
A) Cost
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Elke
4 months ago
Disclosure? Really? That's like the opposite of what the question is asking. Who comes up with these answer choices?
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Elbert
4 months ago
I was going to say materiality, but then I realized that's a different concept. Cost makes the most sense for this scenario.
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Dominque
4 months ago
The cost constraint is definitely the right answer here. If the expense of gathering the information outweighs its value to users, then it's not worth disclosing.
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Alba
3 months ago
B) Materiality
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Dalene
3 months ago
A) Cost
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Cristy
4 months ago
I'm not sure, but I think it could also be A) Cost. They might be considering the cost of gathering the information.
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Elmer
4 months ago
I agree with Keneth. It makes sense that Company XYZ would only disclose information if it's material to users.
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Keneth
4 months ago
I think the answer is B) Materiality.
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