Define the meaning of the term materiality as it is used in accounting and auditing.

In layman’s terms, the meaning of materiality in the context of accounting and auditing is the seriousness of an exclusion or inaccurate accounting information that may result in a person’s judgement, wherein his or her judgement may be different if the accounting information was accurate and not omitted.

i got 3,4 and 5 as an answer