Tinancial statements.Illustration 2Entity A is having inventory amounting 100,000 in total with the details as below:Spare partsFinished goodsWork in progressTools30,00025,00040,0005,0001,00,000decisions ofTOTALMateriality limit has been assessed 30,000 based on the management estimation pertaining toannual profit basis. What should be the presentation requirement under the "Materiality" criteria?

Entity A has estimated its materiality limit of Rs. 30,000 which suggests that everything which is…

Illustration 2 Entity A is having inventory amounting 100,000 in total with the details as below: Spare parts Finished goods Work in progress Tools 30,000 25,000 40,000 5,000 1,00,000 TOTAL Materiality limit has been assessed 30,000 based on the management estimation pertaining to annual profit basis. What should be the presentation requirement under the "Materiality" criteria?

Illustration 2 Entity A is having inventory amounting 100,000 in total with the details as below: Spare parts Finished goods Work in progress Tools 30,000 25,000 40,000 5,000 1,00,000 TOTAL Materiality limit has been assessed 30,000 based on the management estimation pertaining to annual profit basis. What should be the presentation requirement under the "Materiality" criteria?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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