User Account

All Pages

Explain the obscuring information threshold for materiality

Assignment Help Accounting Basics
Reference no: EM132963612

Question - What is the new definition of materiality as promulgated by IASB?

Explain materiality in relation to relevance.

Explain the "obscuring information" threshold for materiality.

Explain the "could reasonably to expected to influence" threshold for materiality.

When is an item material?

Reference no: EM132963612

Questions Cloud

Establish a more stable workforce from a hr perspective : Do you think attempting to achieve diversity in all categories, age/generation, sex, race, etc., in an organization causes a higher turnover in different degree
Sustainability and corporate social responsibility reporting : Sustainability and Corporate Social Responsibility reporting and the stated values of two similar organisations and apply the Giving Voice
What is the firm weighted average cost of capital : Manning Inc has the following capital components and costs. Component Debt Value 15,733. What is the firm weighted average cost of capital
Demonstrate understanding of the corporate entity : Demonstrate understanding of the corporate entity, its formation, funding, governance and winding up
Explain the obscuring information threshold for materiality : Explain the "obscuring information" threshold for materiality. Explain the "could reasonably to expected to influence" threshold for materiality
What is faithful representation : What is faithful representation? Explain completeness of financial statements and the related standard of adequate disclosure
Calculate the operating profit margin ratio : Calculate the operating profit margin ratio. Current assets = $14,300; Current liabilities = $16,200; Debt payments = $25,300
Compute the adjusted net income : Consider the following information: Budgeted overhead 250,000 and Actual overhead 260,000. Compute the ADJUSTED Net Income
What is the current ratio after the declaration : What is the current ratio after the declaration but before payment? What is the current ratio after the payment of the dividend

Reviews

Write a Review

Accounting Basics Questions & Answers

  Determine RTI Company Flexible budget operating income

RTI Company's master budget calls for production and sales of 18,000 units for $81,000; Determine RTI Company Flexible budget operating income

  Pros and cons of segregation of duties over cash

What are some internal controls related to cash? Why is control over cash important? What are the pros and cons of segregation of duties over cash? Why is a bank reconciliation considered an internal control over cash? How does it provide control?..

  Briefly assess susan financial situation

Susan Lussier is 35 years old and employed as a tax accountant for a major oil and gas exploration company. She earns nearly $135,000 a year from her salary.

  Calculate the number of units

Assume these changes are made. Calculate the number of units that ABC Company must sell in 2019 in order to break-even

  How will phylonoe report on balance sheet at dec

How will Phylonoe report this on their balance sheet at December 31, 20X3? Phylonoe, Inc., a company that prepares its financial statements

  Prepare journal entries to record each of given transactions

Prepare journal entries to record each of the following transactions of a merchandiser. Show supporting calculations and assume a perpetual inventory system.

  Prepare year-end adjusting entry for the trading securities

Forex Co. purchases various investments in trading securities at a cost of $56,000 on December 27, 2011.

  Prepare Dana statement of shareholders equity

Prepare Dana's statement of shareholders' equity for 2019. (Hint: This statement will include more than 10 numerical columns.)

  The buildings are estimated to have a 40-year useful life

land 3000000 buildings 26500000 less accumulated depreciation-buildings 12100000 14400000 equipment 40000000 less

  Calculate the dollar sales volume necessary to break-even

As part of its cost accounting routine, Wilcox Company assigns $36,000 in fixed costs to each product each month. Calculate the break-even dollar sales volume for each project.

  What amount should be recorded in year one

What amount should be recorded in year one for depreciation expense if the units-of-production method is used

  What amount of inventory must be eliminated

Based on the information given above, what amount of inventory must be eliminated from the consolidated balance sheet for 20X8

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd