Question Details

Companies consider only quantitative factors in determining whether an item is material



TRUE OR FALSE:
	1.	One of two assumptions made by the IASB conceptual framework is that the reporting entity is a going concern.

	2.	The expense recognition principle states that debits must equal credits in each transaction.

	3.	Revenues are realizable when assets received or held are readily convertible into cash or claims to cash.

	4.	Supplementary information may include details or amounts that present a different perspective from that adopted in the financial statements.

	5.	Companies consider only quantitative factors in determining whether an item is material.




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