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Illusion [34]
3 years ago
14

The concept of materiality:

Business
2 answers:
KonstantinChe [14]3 years ago
6 0

Answer:

The answer is b Justifies ignoring the matching principle in certain circumstances.

Explanation:

Doss [256]3 years ago
5 0

Answer:

The correct answer is letter "B": Justifies ignoring the matching principle in certain circumstances.

Explanation:

In Accounting, the materiality principle is in charge of the relevance of information and the size of the information recorded in the companies' books.   According to this concept, there are some Generally Accepted Accounting Principles (GAAP) that can be omitted as long as the information transferred to the Financial Statements are not affected.

It is the responsibility of the accountant to determine what should and should not be included on the firm's general ledger, then. <em>GAAP such as matching can be omitted thanks to the materiality principle</em>.

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Differential analysis for 1 year

                                        Keep old              Change              Differential

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sales revenue                  191,000                191,000               0

depreciation expense     -4,840                  -22,760               -17,920

per year

direct materials                -65,200               -65,200               0

direct labor                       -45,300               -15,100                 30,200

power and                        -4,200                 -7,200                  -3,000

maintenance

taxes and                          -1,500                 -5,000                  -3,500

insurance

S&A expenses                  -45,300              -45,300                0

total                                   24,660               30,440                  5,780

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Differential analysis for 5 years

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                                        machine               machine             amount

sales revenue                  955,000              955,000             0

depreciation expense     -24,200               -113,800              -89,600

per year

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direct labor                       -226,500            -75,500               151,000

power and                        -21,000               -36,000               -15,000

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