Which of the following statements about materiality is correct

Which of the following statements about materiality is correct?

Materiality is a matter of relative size or importance.

An item must make a difference or it need not be disclosed.

An item is material if its inclusion or omission would influence or change the judgment of a reasonable person.

All of these answers are correct.

The second level of the conceptual framework includes each of the following except

enhancing qualities.

fundamental qualities.

elements.

principles.

The IASB and the FASB are working on a joint project that has an objective of developing a conceptual framework that leads to standards that are:

principle-based and internally consistent.

principle-based and rigid in nature.

rule-based and flexible in nature.

rule-based and internally consistent.