1.) Under Statement of Financial Accounting Concepts No. 8, which of the following relates to...
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Accounting
1.) Under Statement of Financial Accounting Concepts No. 8, which of the following relates to both relevance and faithful representation?
A.)Materiality
B.) Neutrality
C.) Timeliness
D.) Predictive value
2.)
An item is considered material if:
| The cost of reporting the item is greater than its benefits
| ||
| It doesnt cost a lot of money.
| ||
| it is of a tangible good. |
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