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Define Materiality Concept
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Answer / akash
materiality concept asks us to disclose those facts and
informations separately that will affect the decision of
the user of the financial statements
| Is This Answer Correct ? | 14 Yes | 5 No |
Answer / mark
materiality depends on auditors professional judgement
| Is This Answer Correct ? | 6 Yes | 3 No |
Answer / johnson wepukhulu
An item is material if or when not addressed will cause a
significant impact on the Financial Statements or the
overall picture of the state of an entity as viewed by
other parties.
| Is This Answer Correct ? | 7 Yes | 5 No |
Answer / prasad deshmukh
Materiality is basic principle of audit,in other words
materiality means importance. Its depends on organisation
to organisation & judgement of the auditor.
| Is This Answer Correct ? | 13 Yes | 13 No |
Answer / sohail
information is material if its omission or misstatement could influence the economic decision of users taken on basis of the financial statement.it depends on the size of item or error judged in particular circumstances of omission or misstatement..
| Is This Answer Correct ? | 4 Yes | 4 No |
Answer / arun negi
Materiality means correctness or approximation of the value
which we find in the organisation during the transaction
of especified assets or expenses.
| Is This Answer Correct ? | 6 Yes | 9 No |
Answer / malebogo
it is how significant or important an item is in the
financial statement and the effect that item will have on
the financial statement should that particular item be
ommited.
| Is This Answer Correct ? | 4 Yes | 9 No |
Expand---------BPR
what is auditing?
Alpha Co. issued to the public for subscription 40000 shares of rs 10 each at discount of 10%payable as rs. 2 each on application, allotment and first call and rs.3 on the final call. Applications were received for 60000 shares and allotment was made pro-rata to 80% of applicants. R to whom 2000 shares were allotted paid only the application money, and S who had applied for 3000 shares,paid the entire call money due along with the allotment. pass journal entries to record the above transaction.
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