Define the term material facts in accounting?

Material facts in accounting means those facts that involves material amount and which may affect the financial statements to a great extend and hence needed to be disclosed in the companies financial statement. Material facts are the bills or any document that becomes the base of every account book. It means that all those documents on which account book is prepared are called material facts.

Define the term material facts in accounting? A material fact is an occurrence, event, or information that is sufficiently significant to influence an individual into acting in a certain way, such as entering into a contract. In formal court procedures, a material fact is anything needed to prove one party's case, or tending to establish a point that is crucial to a person's position. Material facts are documents pertaining to the historical events of the facts being justified. Material facts in accounting means those facts that involves material amount and which may affect the financial statements to a great extend and hence needed to be disclosed in the companies financial statement. Material facts are the bills or any document that becomes the base of every account book. It means that all those documents on which account book is prepared are called material facts. Vouchers, Bills and any relevant document like Invoices, Bills of Lading, Debit and Credit Notes, Receipts, etc., on the basis of which the accounts books prepared and get audited can be treated as material facts.