Briefly explain the concept of materiality. If an item is not material, how is the item treated
Question:
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 63% (11 reviews)
Materiality refers to the relative importance of an item ...View the full answer
Answered By
Utsab mitra
I have the expertise to deliver these subjects to college and higher-level students. The services would involve only solving assignments, homework help, and others.
I have experience in delivering these subjects for the last 6 years on a freelancing basis in different companies around the globe. I am CMA certified and CGMA UK. I have professional experience of 18 years in the industry involved in the manufacturing company and IT implementation experience of over 12 years.
I have delivered this help to students effortlessly, which is essential to give the students a good grade in their studies.
3.50+
2+ Reviews
10+ Question Solved
Related Book For
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
Question Posted:
Students also viewed these Accounting questions
-
Briefly explain the concept of supply-chain management.
-
Briefly explain the concept of process-level virtualization.
-
Briefly explain the concept of steady state as it applies to diffusion.
-
Under what circumstance is it most appropriate to travel in reverse with a load? A. When you are carrying a non-standard load B. When a tall load obstructs your forward vision C. When the load is...
-
Use the method of Lagrange multipliers in Problems 1-4. Minimize f(x,y) = 6xy subject to y - x = 6
-
Which factors are commonly included in a market-potential index?
-
What item is the key figure (that is, 100 percent) in a common-size income statement? A commonsize balance sheet?
-
Name some of the problems the ARC has encountered with handling donation money. The American Red Cross (ARC) is an independent organization, supported by public financial donations and volunteerism....
-
At some effective interest rate i , the present value of a perpetuity - due with semiannual payments of 3 5 0 is X . At the same effective interest rate, the present value of a 1 0 - year annuity -...
-
Assume that your college president has received many student complaints about campus parking problems. You are appointed to chair a student committee organized to investigate the problems and...
-
What is meant by the term unearned revenue? Where should an unearned revenue account appear in the financial statements? As the work is done, what happens to the balance of an unearned revenue...
-
Discuss the realization principle and how it is applied in the recognition of revenue. Does the receipt of cash for customers necessarily coincide with the recognition of revenue? Explain.
-
Which of the following statements is true? a. World trade has expanded under flexible exchange rates. b. An increased exchange value of the U.S. dollar would tend to reduce American net exports. c....
-
The financial accounting and financial auditing functions arise as a market response to the separation of control from corporate ownership." Discuss this statement with reference to asymmetric...
-
Detail your understanding of WORKPLACE strategies, organisational requirements, expectations, policies and procedures. Case Study A: You are employed as a mechanic at AutoMed workshop in Brisbane, 2...
-
Discuss Wilson's use of anecdotal and/or first-person evidence in her essay In your answer, include the following, along with array other relevant issues: examples of this kind of evidence; an...
-
Q3. Triple-leveraged ETFs Underlying unlevered ETF demonstrated the following path over a four day period: Day 0 1 2 3 4 Price 100 110 100 90 100 Assuming risk-free rate of interest of zero for both...
-
Give an example of what happens in this country when the rule of law is not respected or followed. Considering the example, how do personal values or beliefs of law in our society affect your...
-
In Problems 514, there are three figures. In each problem, select two that are topologically equivalent. If none of them are equivalent, then so state. is 20 U lazy S maze man
-
Rewrite Programming Exercise 7.5 using streams. Display the numbers in increasing order. Data from Programming Exercise 7.5 Write a program that reads in 10 numbers and displays the number of...
-
Draw the notations associated with deployment diagrams?
-
The following are data regarding last years production of Old Joe, one of the major products of Columbus Toy Company: Purchases of direct materials . . . . . . . . . . . . . . . . . . . . $400,000...
-
The accounting records of Maine Products Company include the following information relating to the current year: The company manufactures a single product; during the current year, 60,000 units were...
-
Early in the year, Jane Jackson founded Jackson Engineering Co. for the purpose of manufacturing a special plumbing device that she had designed. Shortly after year-end, the companys accountant was...
-
Power Systems (GPS) is considering the acquisition of a new machine at a cost of $900,000. Transporting the machine to GPS' manufacturing plant will cost $60,000. Installing the machine will cost an...
-
if a check correclty written and paid by the bank for $422 is incorrectly recorded in the companys books for $362, how should this error be treated on the bank reconciliation
-
LGP produces computer hardware equipment. The following information was collected for the latest month: Actual market size (units) 42,000 Budgeted market size (units) 63,000 Actual market share 28%...
Study smarter with the SolutionInn App