ACCOUNTING PRINCIPLES 122 5/16 >C<
ACCOUNTING PRINCIPLES 122 5/16 >C<
17th Edition
ISBN: 9781323461471
Author: Horngren
Publisher: PEARSON C
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Chapter 17, Problem 15ARQ
To determine

Concept Introduction:

Extra-Ordinary Items:As per US GAAP, extra-ordinary items, refers to transactions which are irregular or uncertain and do not take place often in a business.

To State:

Items reported in the extra ordinary items section of Income Statement.

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What distinguishes accounting tolerance analysis from materiality thresholds? (I) Both concepts mean exactly the same thing (II) Tolerance permits specific variances while materiality addresses significance (III) Tolerance applies only to manufacturing (IV) Materiality deals only with errors
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ACCOUNTING PRINCIPLES 122 5/16 >C<

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