Using a simplified version of Canadian GAAP for small companies in order to reduce the cost of providing financial information is an example of the application of materiality.
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Q33: Two measurement principles are historical cost and
Q34: Elements of financial statements include assets, equity,
Q35: Materiality and relevance are both defined in
Q36: In general, standard setters require that most
Q37: Faithful representation means that accounting information must
Q39: Information has verifiability if the information is
Q40: Financial reporting does not have to present
Q41: All property, plant and equipment
A)have estimated useful
Q42: The difference between cost and accumulated depreciation
Q43: An intangible asset
A)derives its value from the
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