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General Accounting Discussions: Advvance accounting

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  1.  
    • CommentAuthorlovely
    • CommentTimeJan 10th 2010
     
    Please answer the following questions;

    One of the constraints of conceptual framework for financial reporting, “Information is material if its omission or misstatement could influence the economic decisions of the users taken on the basis of the financial statements.”

    1. Explain the statement in detail with examples.
    2. In the context of the above statement, would you capitalize the following items in the accounts of a company? Discuss each item in detail.
    a. A box file
    b. A computer
    c. A small plastic display stand
  2.  
    Its a very good question but explain it with the reference!
    also clear your question!

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