State whether each of the following statements is true or false: (a) A material item is determined

Question:

State whether each of the following statements is true or false:
(a) A material item is determined solely on the basis of its size.
(b) A class of assets or liabilities is determined by reference to items of a similar nature or function.
(c) Inventories and trade may be aggregated in the statement of financial position.
(d) Cash and cash equivalents may be aggregated in the statement of financial position.
Accounts Receivable
Accounts receivables are debts owed to your company, usually from sales on credit. Accounts receivable is business asset, the sum of the money owed to you by customers who haven’t paid.The standard procedure in business-to-business sales is that...