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Q. Misstatement of accounting information?
The FASB describes materiality as the magnitude of an omission or misstatement of accounting information that in the light of surrounding circumstances makes it probable that the judgment of a reasonable person relying on the information would have been changed or influenced by the omission or misstatement. The phrase magnitude in this definition suggests that the materiality of an item may be assessed by looking at its relative size. A USD 10000 fault in an expense in a company with earnings of USD 30000 is material. The similar error in a company earning USD 30000000 may not be material.
Materiality involves in excess of the relative dollar amounts. Frequently the nature of the item makes it material. For instance it may be quite significant to know that a company is paying bribes or making illegal political contributions even if the dollar amounts of such items are relatively small.
A of Surat consigned goods to B of Jaipur to be sold at or above invoice price. B is entitled to get a commission of 8% on sales at invoice price plus 25% of any surplus price real
When buying an owner operated business from a franchised organization is the previous store manager''s salary discretionary?? can they count that as net income to the new owner op
The following unadjusted trial balance is prepared at fiscal year-end for Nelson Company. NELSON COMPANY Unadjusted Trial Balance January 31, 2013 Debit Credit Cash $
An invoice for product X totals $1,200 and is dated July 6, 2000 with terms 2/10-60X. If the invoice is paid on September 3, 2000, what is the net amount of payment? A. $912
on which shares pre acquisiton dividend received
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Q. What do you mean by consigned goods? FOB destination, freight collect - Seller acquires freight charges and buyer initially pays freight charges. Buyer deducts freight accus
If my company sells 4000 shares of common stock for $86,400, how do I record this in the Journal?
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