Discuss the materiality concept. Is the dollar amount that is material the same for a company that
Question:
Discuss the materiality concept. Is the dollar amount that is material the same for a company that has annual sales of $10,000 compared with a company that has annual sales of $1,000,000?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 45% (11 reviews)
The materiality concept refers to the significance of financial information to the decisionmaking pr...View the full answer
Answered By
Kenneth Mutia
I have a B.S. in Statistics from the Jomo Kenyatta University of Agriculture and technology. I have been an academic tutor for over 3 years. I have a passion for helping students reach their full potential and am dedicated to helping them succeed. I am patient and adaptable, and I have experience working with students of all ages and abilities, from elementary school to college in their various fields. I have a wide scope of diverse tutoring experience in several courses of study with significant success as a tutor.
0.00
0 Reviews
10+ Question Solved
Related Book For
Horngrens Financial And Managerial Accounting The Financial Chapters
ISBN: 9780134486840
6th Edition
Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura
Question Posted:
Students also viewed these Business questions
-
Prism 1 of mass m1 and with angle a (see Fig) rests on a horizontal surface. Bar 2 of mass m2 is placed on the prism. Assuming the friction to be negligible, find the acceleration of the prism. 1
-
Simplify each complex fraction. 1. 2. 3. Rationalize the denominator of And simplify. 4. Rationalize the numerator of And simplify? 1 1 1 1
-
Write a method that displays an n-by-n matrix using the following header:public static void printMatrix(int n)Each element is 0 or 1, which is generated randomly. Write a test program that prompts...
-
Find the net torque on the wheel in the figure below about the axle through O perpendicular to the page, taking a = 7.00 cm and b = 25.0 cm. (Indicate the direction with the sign of your answer....
-
Select a firm such as Taco Bell (www.tacobell.com), Bank of America (www.bankofamerica.com), Wal-Mart (www.walmart.com), or another service-providing organization of interest to you and write a short...
-
In a small group of students, locate Accounting Principles Board Opinion No. 21 (from a faculty member or from the library) relating to the amortization of premiums and discounts on bonds....
-
Bargaining and decision costs which include the costs of carrying out the negotiations, the time, effort and financial cost it takes to finalise the decision, which might include comparison of...
-
Following is information about the common equity of Funtastic Furniture Company: Current selling price ............. $68.00 Constant growth rate ............ 8.0% Most recently paid dividend, D0...
-
Ana Carillo and Associates is a medium-sized company located near a large metropolitan area in the Midwest. The company manufactures cabinets of mahogany, oak, and other fine woods for use in...
-
Bill rides the subway at a cost of 75 cents per trip, but would switch if the price were any higher. His only alternative is a bus that takes five minutes longer, but costs only 50 cents. He makes 10...
-
Why do changes in U.S. tastes, income levels, or tariffs change the demand for euros, while similar changes in Europe change the supply of euros?
-
Johnson Company uses a perpetual inventory system. The January 2018 inventory information is as follows. Assume cash purchases and sales. Requirements 1. Prepare a perpetual inventory record using...
-
The sled dog in FIGURE EX7.14 drags sleds A and B across the snow. The coefficient of friction between the sleds and the snow is 0.10. If the tension in rope 1 is 150 N, what is the tension in rope...
-
Most businesses have been impacted negatively in 2020 by the outbreak of Corona virus leading to the disease Covid 19. Many countries went in lock down where by economic activities nearly came to a...
-
The unadjusted trial balance has been entered on a 10-column end-of-period spreadsheet work sheet) for you. Complete the spreadsheet using the following adjustment data a Physcial inventory count on...
-
A) What should be the price of the call option? B) Assume that the call option on Apple with strike price $90 and maturity in one year is currently trading at $17. You immediately tell your broker...
-
White Company has two departments, Cutting and Finishing. The company uses job-order costing and computes a predetermined overhead rate in each department. The Cutting Department bases its rate on...
-
Can someone please help me figure out how to find the qualified business income for this problem? Maria and Javier are the equal partners in MarJa, a partnership that is a qualifying trade or...
-
Construct a system of two linear equations that has no solution. Explain how you know the system has no solution.
-
Prove the formula for (d/dx)(cos-1x) by the same method as for (d/dx)(sin-1x).
-
On August 31, 2018, Bouquet Floral Supply had a $140,000 debit balance in Accounts Receivable and a $5,600 credit balance in Allowance for Bad Debts. During September, Bouquet made: Sales on...
-
At September 30, 2018, the accounts of Green Terrace Medical Center (GTMC) include the following: Accounts Receivable ................................. $ 145,000 Allowance for Bad Debts (credit...
-
Shawna Valley is an attorney in Los Angeles. Valley uses the direct write-off method to account for uncollectible receivables. At April 30, 2018, Valley's accounts receivable totaled $19,000. During...
-
Famas Llamas has a weighted average cost of capital of 8.8 percent. The companys cost of equity is 12 percent, and its pretax cost of debt is 6.8 percent. The tax rate is 22 percent. What is the...
-
The common stock of a company paid 1.32 in dividens last year. Dividens are expected to gros at an 8 percent annual rate for an indefinite number of years. A) If the company's current market price is...
-
(1 point) Bill makes annual deposits of $1900 to an an IRA earning 5% compounded annually for 14 years. At the end of the 14 years Bil retires. a) What was the value of his IRA at the end of 14...
Study smarter with the SolutionInn App