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IrinaVladis [17]
3 years ago
14

Mega Loan Company has very stringent credit requirements and, accordingly, has negligible losses from uncollectible accounts. Th

e company's independent accountants did not protest when, contrary to GAAP, the company recorded bad debt expense only when specific accounts were determined to be uncollectible, rather than use an allowance for uncollectible accounts. The concept demonstrated is:_________ a) Comparability. b) Faithful representation. c) Cost-effectiveness. d) Materiality.
Business
1 answer:
lora16 [44]3 years ago
5 0

Answer:

d) Materiality

Explanation:

Materiality is defined as the impact of the omission of trivial matters that are important to the report audience. In the question given this materiality is the reason why the company's independent accountants did not protest.

I hope you find this information useful and interetsing! Good luck!

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