Standard dictionaries define for the general reader, whereas specialized reference books define for the specialist. I had to choose a term in my field and copy the definition from a standard dcitionary and from a technical reference book. Also, I had to rewrite the specialized definiton for a general reader.
Since every specialty has its own technical language, words used by the general reader may differ when used by a colleague. The term Material is an important technical word in the Accounting profession. Webster's New World Dictionary defines material to the general reader as:
Material - adj. 1. Of or having to do with matter; physical, 2.Having to do with the body and its needs, 3. Important or necessary. N. 1. What a thing is made up of, 2. Cloth or other fabric, 3. Ideas, notes, etc., that can be worked up. 4. Materials, pl. things or tools needed to do something.
The Accounting profession uses the term material as a noun in the third definition as defined by Webster's Dictionary under the adjective category. Intermediate Accounting, (4th ed. By Walter Meigs, A. N. Mosich, and Charles Johnson. New York: McGraw-Hill Company. 1992. p.20 ) is an accounting book used for teaching accounting theory and concepts. This book defines material as:
Material - a state of relative importance. Items that are trifling in amount need not ordinarily be treated in strict accordance with accounting theory but rather should be handled in the most economical and convenient manner.
Most companies establish a minimum dollar amount in considering how to record a transaction. When a company buys a pencil sharpener, a decision needs to be made whether to record this purchase as an expense or as an asset to the company. If the purchase was material or important, the transaction would be an asset. Since, the purchase is not material because the dollar amount is not over $500 as set by most companies, the transaction is recorded as an expense.
The term material has many definitions. To the accounting profession, the definition has takes years to develop.
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