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The Concept of Materiality
1. Why is the materiality of a transaction or an event a matter of professional judgement?
2. What criteria should accountants consider in determining whether a transaction or ay event is material?
3. Does the concept of materiality mean that financial statements are not precise, down to the last dollar? Does this concept make financial statements less use full to most users?
Avis rent-a-car purchases a large number of cars each year for its rental fleet. The cost of any individual automobile is immaterial to Avis, which is a very large corporation. Would it be acceptable for Avis to charge the purchase of automobiles for its rental fleet directly to expense rather than to an asset account?
Show the loan in the balance sheet of the company
Nichols Company has a selling price of $150 per unit, variable costs $90 per unit and total fixed costs of $300,000. The number of units that Nichols Company must sell to reach targeted operating income of $90,00 is:
A new textbook is published in the spring of 2011. Your campus bookstore buys 400 copies at $70 each in June, an additional 1,000 copies in August at $72 each, and 600 copies in December at $75 each. At the end of December 2011, the bookstore has ..
Desiree Griseta Company sponsors a defined benefit pension plan for its employees. The following data relate to the operation of the plan for the year 2004 in which no benefits were paid. Determine the amounts of the components of pension expense t..
What should an accountant do if the guidance for a particular transaction or event is not specified within the FASB ASC?
The production departments are profit centers. Their goods are transferred to subsequent depart-ments, such as a sales department or sales division, at prices that approximate market prices for similar products.
Which one is not a main question when you evaluate earnings' quality?
what is effect on the Karl's individual income tax with the following conditions?( tax year 2011)
NewDrugs, Inc., an international corporation, has identified a list of expenditures it believes to be intangible assets. Which items would be recognized as assets under US GAAP? Which items would be capitalized under IFRS?
Which of the following is NOT a reason for expecting that a cause-and-effect relationship exists between the level of an activity and specified costs.
The second was furniture with an original basis of $24,000 placed in service during the first quarter, currently in the fourth year of depreciation, and under the mid-quarter convention. What is Bonnie Jo's depreciation expense for the current yea..
Determine the cost recovery deduction for 2012 for these assets.
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