What is materiality? Explain?

Q: What does the term “attainable set” mean?

A: The art of deciding the investment mix and policy, making the investments equivalent to its…

Q: What does Vouching test?

A: Vouching is the process that involves reviewing of original evidence to check whether the…

Q: eristics?

A: Step 1   Risk is defined as an occurrence that harms financial performance and/or reputation as a…

Q: What is Glass-Steagall Act?

A: Glass-Steagall Act splits up the investment and commercial banking segments of an investment bank.

Q: What is IFRS?

A: In accounting and financial reporting there is need of international rules and regulations to create…

Q: Define the term materiality concept.

A: Accounting concept:   They are the basic rules and assumptions that forms the base for recording the…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: What is the answer to this question

A: Partnership is the association of two or more individuals who collaborate to conduct a lawful…

Q: Explain types of Properties?

A: Tangible Property: This type of properties alludes to a property that can for the most part be…

Q: What is asset

A: Assets are those items that provide value for money and future economic benefit for an organization.…

Q: What is lien?

A: Lien: This is a case or legitimate right against properties normally utilized as collateral so as to…

Q: What is option?

A: Options are the derivatives contract that gives investor discretion to sell or buy the assets like…

Q: Which statement is correct?

A: A current ratio is one of the ratios used to assess the liquidity of the company. It shows that the…

Q: What is MM Proposition I?

A: Modigliani and Miller’s approach is an element of economic theory and it forms the basis for modern…

Q: Which statement is true?

A: Financial Statements: These are records of the finance relating activities and positions of the…

Q: What is a constraint?

A: Internal Control:   It refers to a set of rules, policies adopted by a business to ensure accuracy…

Q: what is the purpose of the conceptual framework?

A: The conceptual framework is comprised of six Financial Accounting Concepts statements that serve as…

Q: Materiality Principle

A: The materiality principle specifies that the company would avoid an accounting principle if the…

Q: Which answer is correct and why?

A: Under average cost method, average cost per unit is calculated as: = Total cost of opening inventory…

Q: How is materiality concept applied?

A: Accounting principles:

Q: what goes where?

A: Let us recall 3 golden rules of accounting: Debit the expense, credit the income. Debit what comes…

Q: What is the definition of “actuarial present value”?

A: Accumulated Benefit Obligation: It is an inexact rate of a company's pension plan liability towards…

Q: What is forward points?

A: Forward points are nothing but basis points added or subtracted from the spot rate of an underlying…

Q: What is contra?

A: Contra in accounting terms means an account with balance that has opposite of the normal balance and…

Q: What is the answer ?

A: Thank you for posting questions. Since you have posted multiple questions, as per the guideline I am…

Q: what is a provable intrinsic value? can you give a example

A: Intrinsic value of a stock is its fundamental value. This is calculated by taking in to…

Q: what is materiality?

A: Materiality is an accounting concept that signifies the importance of an item to users of financial…

Q: Explain materiality Principle in detail with example

A: A set of rules and guidelines that is required to be followed by an entity in the process of…

Q: What is a postaudit? What are its potential benefits?

A:

Q: What is simple interest?

A: Interest is the amount a cash flow earns as a result of owning or investing a sum of money. It can…

Q: What is OLTP and OLAP? How are they different?

A: OLAP stands for Online Analytical Processing which helps in analyzing different business elements…

Q: what is stare basis?

A: Stare Decisis is a rule that obligates courts to follow decided cases i.e. it means to stand on…

Q: what is the summary of this topic?

A: Here ask about the summary of the product which is the important aspect of the packing for the…

Q: Explain the Abstract and Opinion Method?

A: Abstract and Opinion method is an approach of assuring of property’s title. Abstract and Opinion…

Q: What is notional value?

A: Notional value is used to value the underlying asset. In simple words it tells how much of value a…

Q: n realization?

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: What is managments primary goal?

A: The management’s primary goal is to increase the wealth of the shareholders or the owners.