The concept of materiality is an underlying principle of financial reporting. a. Briefly explain the concept of
Question:
The concept of materiality is an underlying principle of financial reporting.
a. Briefly explain the concept of materiality.
b. Is $2,500 a “material” dollar amount? Explain.
c. Describe two ways in which the concept of materiality may save accountants’ time and effort in making adjusting entries.
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a Materiality refers to the relative importance of an item An item is material if knowledge of it mi...View the full answer
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Related Book For 
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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