01-24-2010, 03:24 AM
Lovely your first point was answered very well by ubaid15
Regarding your second point, as mentioned by ubaid15, materiality level depends on an entity. An ommision of a computer from the financial statements of small computer dealer might be material. Whereas the same ommision for a large textile company will not be material. A plastic display stand and box file may not be material in any entity because of their very low values compared to total assets
Regarding your second point, as mentioned by ubaid15, materiality level depends on an entity. An ommision of a computer from the financial statements of small computer dealer might be material. Whereas the same ommision for a large textile company will not be material. A plastic display stand and box file may not be material in any entity because of their very low values compared to total assets
