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FINAL EXAM REVIEW - • Materiality Ex – Martell...

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Click to edit Master subtitle style 11/5/09 FINAL EXAM REVIEW
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11/5/09 CHP 1&2 Materiality : magnitude of an omission or misstatements of accounting info that makes it probable that the judgment of a reasonable person relying on the information would change or be influenced Historical Cost : financial statement elements should be recorded at the cash equivalent cost on the date of
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11/5/09 Materiality Ex:
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Unformatted text preview: 11/5/09 • Materiality Ex: – Martell Architects purchases many pieces of office furniture with an individual cost below $200 each. Martell chooses to account for these expenditures as expenses when acquired rather than as assets to be reported as property, plant, and equipment on its balance sheet. The company’s accountant and independent 11/5/09...
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