How are materialities (and immateriality) related to the proper presentation of financial statements? What factors and measures

Question:

How are materialities (and immateriality) related to the proper presentation of financial statements? What factors and measures should be considered in assessing the materiality of a misstatement in the presentation of a financial statement?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For book-img-for-question

Intermediate Accounting

ISBN: 978-0470423684

13th Edition

Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield

See More Books

Question Posted: Dec 10, 2010 12:44 AM

See More Questions

What kinds of real options should be considered in the following situations? a. Wingnuts R Us is considering two sites for a new factory. One is just large enough for the planned facility, while the...
The objective of IAS 1 Presentation of Financial Statements is to prescribe the basis for presentation of general purpose financial statements, in order to ensure comparability both with the...
what focused areas should be considered in logistics management?
Jontil Co. began the current period with a $14,000 balance in the Peter Jontil, Capital account. At the end of the period, the company's adjusted account balances include the following temporary...
What is a mortgage? What were the important developments in the mortgage market during the years after 1970?
Innerscape Interiors is owned and operated by Jackie Vargo, an interior decorator. In the ledger of Innerscape Interiors, the first digit of the account number indicates itsmajor account...
Describe the type of information that is documented in an issue log. How can you avoid spending too much time documenting and tracking issues? LO.1
Florida Power & Light (FP&L) Company has enjoyed a reputation for quickly fixing its electric system after storms. However, during the hurricane seasons of 2004 and 2005, a new reality was that the...
Streep Factory provides a 2 - year warranty with one of its products which was first sold in 2 0 2 5 . Streep sold $ 1 , 0 0 0 , 0 0 0 of products subject to the warranty. Streep expects $ 1 2 5 , 0...
There is a lottery with n coupons and n people take part in it. Each person picks exactly one coupon. Coupons are numbered consecutively from 1 to n, n being the maximum ticket number. The winner of...
What are some of the costs of providing accounting information? What are some of the benefits of accounting information? Describe the cost-benefit factors that should be considered when new...
The treasurer of Joan Osborne Co. has heard that conservatism is a doctrine that is followed in accounting and, therefore, proposes that several policies be followed that is conservative in nature....
On March 1, 2009, Oregon Gas & Electric issued $100 million of 20-year, 9% debentures. Proceeds were $91,420,000, implying a market interest rate of 10%. Show all amounts in thousands of dollars. 1....
Analysis of the Volkswagen Scandal Possible Solutions for Recovery The Volkswagen scandal is a notorious example of how corporations can shape the ethical and political issues of the environment. The...
Shelby isn't sure if her forklift can safely handle the pallet she is being asked to move. What can she check to be sure
If schedule acceleration increases costs, how could schedule elongation reduce costs? If schedule acceleration increases costs, how could schedule elongation reduce costs? For the same total...
Laser Care Hospital is looking to raise tax-exempt municipal funds in the bond market. As an issuer of the bond, which of the following is not a part of the bond process that Laser Care Hospital will...
Find the critical value t a/2 corresponding to a 95% confidence level. (13.046, 22.15) X= 17.598 Sx= 16.01712719 n=50
Why is it not correct to say that there is a single memory center in the brain? LO1
Privitera and Freeman (2012) constructed a scale to measure or estimate the daily fat intake of participants; the scale was called the estimated daily intake scale for fat (EDIS-F). To validate the...
Determine the bare module, total module, and grassroots cost of the following: Drying oil plant described in Appendix B, Project B.4 Figure B.4.1 B.4 DRYING OIL PRODUCTION, UNIT 500 Drying oils are...
Net income for the year for Carrie, Inc. was $750,000, but the statement of cash flows reports that cash provided by operating activities was $860,000. What might account for the difference?
Differentiate between operating activities, investing activities, and financing activities.
Each of the following items must be considered in preparing a statement of cash flows. Indicate where each item is to be reported in the statement, if at all. Assume that net income is reported as...
Assume the market portfolio of common stocks earned 14.1 percent in one year while U.S. Treasury bills earned 4.4 percent and inflation averaged 4.6 percent. What was the market risk premium?
A bank quotes you an interest rate of 9 . 5 % per annum with quarterly compounding. What is the equivalent rate with continuous compounding?
Using automation tools leads to dislike 5 9 . How do the mechanical properties of woven fabric composites compare to those of unidirectional composites? Provide examples of applications for each type.

How are materialities (and immateriality) related to the proper presentation of financial statements? What factors and measures

Question:

Step by Step Answer:

The concept of materiality refers to the relative significance of an amount activity or item to informative disclosure and a proper presentation of fi...View the full answer

Intermediate Accounting

Students also viewed these Accounting questions