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WILLOW CO

This topic has 5 replies, 2 voices, and was last updated 10 years ago by MikeLittle.

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November 18, 2014 at 12:35 pm #210987
anu1234
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December 2011 Qs : Willow co
How do you find materiality..
It says that obsolete inventory is not materiAl . How to find it..?
November 18, 2014 at 9:09 pm #211117
MikeLittle
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What about where the question says “$800,000 for assets and liabilities, $250,000 for income and expenses”?
Doesn’t that indicate the materiality levels?
November 19, 2014 at 2:57 am #211162
anu1234
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That’s what I don’t understand.. materiality levels are given.. so ?
November 19, 2014 at 4:44 pm #211298
MikeLittle
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So now you have to make the decision “Is this $130,000 material either in isolation or when aggregated?”
November 19, 2014 at 4:48 pm #211300
anu1234
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- Topics: 78
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Oh okay… thank you so much h
November 19, 2014 at 4:51 pm #211302
MikeLittle
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- Topics: 27
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You’re welcome – although I get the impression that I haven’t helped you at all. Probably my fault because I cannot understand your question 🙁
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