1 One of the well known accounting concepts is that of materiality. Required: ( a ) Explain what is meant by this concept. ( b ) State and explain three types of situation to which this concept might...

1

One of the well known accounting concepts is that of materiality.

Required:

(a) Explain what is meant by this concept.

(b) State and explain three types of situation to which this concept might be applicable.

(c) State and explain two specific difficulties in applying this concept.

(Association of Chartered Certified Accountants)