The directors of the company are undecided as to whether they should a.docx

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The directors of the company are undecided as to whether they should amend the financial statements to provide for additional doubtful debts of \$150 000 as at 30 June 20X2. In accordance with the quantitative guidelines in AASB 1031 Materiality , the additional doubtful debts of \$150 000 would be material as it represents: Select one: a. 2.5% of total equity b. 20% of total receivables c. 4.6% of total current assets d. 60% of total cash plz explain in detail Solution According to AASB1031, an amount which is equal to or greater than 10 per cent of the appropriate base amount may be presumed to be material unless there is evidence or convincing argument to the contrary. Doubtful debts arises from account receivables. Therefore, the additional doubtful debts of \$150 000 would be material if it represents 20% of total receivables. Thus, (b) is the answer. Hope this helps! .

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The directors of the company are undecided as to whether they should a.docx

• 1. The directors of the company are undecided as to whether they should amend the financial statements to provide for additional doubtful debts of \$150 000 as at 30 June 20X2. In accordance with the quantitative guidelines in AASB 1031 Materiality , the additional doubtful debts of \$150 000 would be material as it represents: Select one: a. 2.5% of total equity b. 20% of total receivables c. 4.6% of total current assets d. 60% of total cash plz explain in detail Solution According to AASB1031, an amount which is equal to or greater than 10 per cent of the appropriate base amount may be presumed to be material unless there is evidence or convincing argument to the contrary. Doubtful debts arises from account receivables. Therefore, the additional doubtful debts of \$150 000 would be material if it represents 20% of total receivables. Thus, (b) is the answer. Hope this helps!
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