ow does the concept of materiality influence accounting

Q: 6. The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its…

A: SOLUTION-   EXPLANATION- PERDALES  (45000 / 30%) 150000 CEBALLUS (30000 / 50%) 60000…

Q: What are agency problems?

A: Owners of the company are shareholders. The number of the shareholders for a corporation will be…

Q: What information is irrelevant? Why is it irrelevant?

A: Irrelevant cost:   Irrelevant cost is that cost which do not affect the decision making process of…

Q: What is meant by the phrase management by exception?

A:

Q: Which of the following statements is true? COMPANY NAME Some Corporation 123 Somewhere Drive,…

A: An earnings statement also commonly referred to as the payslip consists of payment information. It…

Q: Can responsibility be delegated? Explain?

A: No,authority can be delegated but responsibility is absolute and cannot be delegated.

Q: One of Hope's coworkers quits, and during the next pay period, Hope works 60 hours instead of 40 to…

A: An earnings statement can be referred to as the payment slip or financial record of the payment…

Q: When does an agency problem happen?

A: Agency problem is the probelm of difference in opinion of management and the shareholders.

Q: What are the Differences in Maturities?

A: Maturities in the context of the bond mean that bonds are issued for a specific period of time. It…

Q: What is materiality? Explain?

A: Materiality: The accounting concept which focusses that all the financial items and figures which…

Q: What makes information irrelevant to decision making?

A: Irrelevant information is a part of the information collected for decision-making from various…

Q: 3. Partners Badecir and Magallanes each have a P300,000 capital balance and share profits and losses…

A: A partnership is an arrangement between two or more people to look over the business operations and…

Q: 4. Mactal, Macadang and Pangan a partners with capital balances of P350,000, P250,000 and P350,00…

A: solution given Profit sharing ratio   Mactal 30% Macadang 20% Pangan 50%…

Q: How is materiality concept applied?

A: Accounting principles:

Q: What is meant by the term management by exception?

A: Business Management:   Business management refers to the skills associated with running a company…

Q: What does the statement mean?

A: A financial system is a collection of entities that allow money to be exchanged, such as banks,…

Q: what is materiality?

A: Materiality is an accounting concept that signifies the importance of an item to users of financial…

Q: What is COSO? What is the PCAOB?  Why are they important?

A: Committee of Sponsoring Organizations of the Tread way Commission (COSO) is an organization formed…

Q: The assets and equities of the Perdales, Ceballus and Bandonell partnership at the end of its fiscal…

A: SOLUTION-   EXPLANATION- PERDALES (7500 *30%) 2250 CERBALLUES (7500 * 50%) 3750 BANDONELL…

Q: What are the assumptions, focus, and hypothesis of agency theory?

A: ASSUMPTION OF AGENCY THEORY:- There are two key assumptions underlying the agency theory, and they…