Question

Respond to the following in a minimum of 175 words: “Material” has a different definition in...

Respond to the following in a minimum of 175 words:

“Material” has a different definition in accounting than it does in everyday life. What does “material” mean in the context of an audit, and who determines whether an item is material? How does the materiality of an item affect the acceptable and inherent risk borne by an audited company?

Homework Answers

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Respond to the following in a minimum of 175 words: Discuss the meaning of internal control...
Respond to the following in a minimum of 175 words: Discuss the meaning of internal control in the context of accounting. Then, share five examples of internal control procedures designed to prevent fraud and accidental accounting errors
Respond to the following in a minimum of 175 words: Imagine that you’ve been asked to...
Respond to the following in a minimum of 175 words: Imagine that you’ve been asked to explain one of the major accounting ratios to a group of high school students who have no background in business or accounting, but who are eager to learn. Choose one of the following ratios and describe how you would explain it in your own words, using a specific example: current ratio, asset turnover, or profit margin on sales.
Please respond to the following in a minimum of 175 words: Provide an example of how...
Please respond to the following in a minimum of 175 words: Provide an example of how geographical location can affect your selection of distribution channels.
Respond to the following in a minimum of 175 words: How do price controls affect the...
Respond to the following in a minimum of 175 words: How do price controls affect the market? Provide a real-world example that takes consumer surplus and producer surplus into consideration.
Respond to the following in a minimum of 175 words: Based on the information you learned...
Respond to the following in a minimum of 175 words: Based on the information you learned this week, what approach would you take in explaining how systematic and unsystematic risks affect risk planning? Describe your approach. Name 3 or more systematic or unsystematic risks your company might face. Think of some implications if your company decides not to be proactive and plan for these risks.
Respond to the following in a minimum of 175 words: There are 3 contingent liability categories...
Respond to the following in a minimum of 175 words: There are 3 contingent liability categories specified in generally acceptable accounting principles (GAAP): probable, possible, and remote. In general, probable contingencies are more likely to occur and can be reasonably appraised. Possible contingencies are less likely to occur, but could still occur. Remote contingencies are not likely to occur. Discuss the 2 primary differences between assets on the balance sheet. Discuss reporting requirements for contingencies. Explain 2 contingent liability examples.
Respond to the following in a minimum of 175 words: Why does the vertical component of...
Respond to the following in a minimum of 175 words: Why does the vertical component of velocity for a projectile change with time, whereas the horizontal component of velocity does not? How can the conservation of energy help us explain these concepts?
Respond to the following in a minimum of 175 words: Discuss how changes in the Federal...
Respond to the following in a minimum of 175 words: Discuss how changes in the Federal Reserve’s monetary policy affect at least 1 of the 4 components of GDP (consumption, investment, government spending, net exports). Have the Federal Reserve’s countercyclical monetary policies been effective in moderating business cycle swings? Justify your response.
Respond to the following in a minimum of 175 words: The mean yearly income for construction...
Respond to the following in a minimum of 175 words: The mean yearly income for construction works in New York has been calculated as $78,000, with incomes as low as $75,000 and as high as $80,000. If a confidence interval of 90% has been calculated with respect to this range and mean, what does that confidence interval tell us? In your opinion, is a confidence interval of 90% useful? Why or why not? What would be the significance of a...
Respond to the following in a minimum of 175 words: Risk appetite is the quantity and...
Respond to the following in a minimum of 175 words: Risk appetite is the quantity and nature of risk that organizations are willing to accept as they evaluate trade-offs between "perfect security" and unlimited accessibility. Often when a risk is examined in detail, the result or the risk appetite can result in a decision to expand their capacity to handle that risk in order to take advantage of the business opportunity, or it might result in a decision not to...