The concept of materiality is applied because;
A) it makes the accounts more user-friendly if the numbers are rounded up
B) it is difficult for those who are using the accounts to read the small numbers
C) it is easier and is good enough for information purposes
D) it makes stock taking easier by allowing people to make estimates.
Correct Answer:
Verified
Q1: The US term stock means the same
Q3: Prudence is not considered to be an
Q4: Financial reporting is only concerned with providing
Q5: The concept of 'going concern' means that
Q6: There is a conflict between prudence and
Q7: Timeliness is a characteristic of useful information.
Q8: Which of the following is NOT a
Q9: The government are not users of the
Q10: The acronym IASB stands for;
A)Internal Accounting Standards
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