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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.
The capital accounts of Hawk and Martin have balances of $160,000 and $140,000, respectively, on January 1, 2010, the beginning of the current fiscal year. On April 10, Hawk inve
Declared semiannual dividends of $1.20 on 75,000 shares of preferred stock and $0.08 on the 600,000 shares of $20 par common stock to stockholders of record on March 31, payable
stpes to be taken prepaing for final accounts
The type of accounting concerned with providing information and analyses to managers within the organization is referred to as
A great tool to import and certify transaction data from other financial systems and make invoices debit memos credit memos and on-account credits Setup steps: 1. Describe th
Q. What do you mean by bookkeeping? Accounting is frequently confused with bookkeeping. Bookkeeping is a mechanical procedure that records the routine economic activities of a
on which shares pre acquisiton dividend received
A firm's __________ account is categorized as a current asset. A. equipment B. accounts payable C. bonds payable D. merchandise inventory
Q. Explain about Accounting transaction? An accounting transaction is a business event or activity that causes a measurable change in the accounting equation Assets = Liabiliti
Q. Explain Merchandise inventories? Merchandise inventories are goods supposed for sale. Section 6 starts our discussion of merchandise inventories.
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