The concept of materiality is an underlying principle of financial reporting. Which of the following...
90.2K
Verified Solution
Link Copied!
Question
Accounting
The concept of materiality is an underlying principle of financial reporting. Which of the following statement(s) is true?
a. Adjusting entries need not to be made to accrue immatereial amounts of unrecorded expenses or unrecorded revenue.
b. Adjusting entries may be based upon estimated amounts if there is little or no possibility that the use of anestimate will result in material error.
c. Adjusting entries can be made based on estimates for immaterial amounts of unrecorded expense or unrecorded revenue.
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
- Unlimited Question Access with detailed Answers
- Zin AI - 3 Million Words
- 10 Dall-E 3 Images
- 20 Plot Generations
- Conversation with Dialogue Memory
- No Ads, Ever!
- Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Other questions asked by students
StudyZin's Question Purchase
1 Answer
$0.99
(Save $1 )
One time Pay
- No Ads
- Answer to 1 Question
- Get free Zin AI - 50 Thousand Words per Month
Best
Unlimited
$4.99*
(Save $5 )
Billed Monthly
- No Ads
- Answers to Unlimited Questions
- Get free Zin AI - 3 Million Words per Month
*First month only
Free
$0
- Get this answer for free!
- Sign up now to unlock the answer instantly
You can see the logs in the Dashboard.