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What is materiality

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Reference no: EM131579920

1) Is the term "debit" always used to describe an increase and the term "credit" used to describe a decrease? Why or why not?

2) What is materiality? How does one determine if something is material? What are some examples of material and nonmaterial transactions in your personal finances?

From textbook: Williams, J. R., Haka, S. F., Bettner, M. S., & Carcello. J. V. (2015). Financial & managerial accounting: The basis for business decisions (17th ed.).

Reference no: EM131579920

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