When allocating materiality, most practitioners choose to allocate to: ( )
A: both balance sheet and income statement accounts because there could be errors on either.
B: all of the financial statements because it is required by GAAS.
C: the income statement accounts because they are more important.
D: the balance sheet accounts because there are fewer.
A: both balance sheet and income statement accounts because there could be errors on either.
B: all of the financial statements because it is required by GAAS.
C: the income statement accounts because they are more important.
D: the balance sheet accounts because there are fewer.
举一反三
- Which accounts appear on which financial statement? Balance sheet Income statement
- Which accounts appear on which financial statement? A: Balance sheet: Receivables, land, payablesIncome statement: Revenues, supplies B: Balance sheet: Cash, revenues, landIncome statement: Expenses, payables C: Balance sheet: Cash, receivables, payables Income statement: Revenues, expenses D: Balance sheet: Expenses, payables, cash Income statement: Revenues, receivables, land
- which of the following are the key financial statements required to be published? ( ) A: Balance sheet B: Income statement C: Statement of cash flows D: Management report
- The CORRECT data flow from one financial statement to the next is: A: statement of retained earnings, income statement, balance sheet, statement of cash flows. B: balance sheet, statement of retained earnings, income statement, statement of cash flows. C: statement of retained earnings, income statement, statement of cash flows, balance sheet. D: income statement, statement of retained earnings, balance sheet, statement of cash flows.
- which of the following are the key financial statements required to<br/>be published?( ) A: Balance sheet B: Management report C: Statement of cash flows D: Income statement