The accounting concept that allows the cost of kitchen cutlery to be expensed, though it...
FINANCIAL
JAMB 2015
The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is
- A. Materiality
- B. Accrual
- C. Going concern
- D. Business entity
Correct Answer: A. Materiality
Explanation
Materiality states that only items of material values are recorded e.g. the cost of a stapler should not be capitalized but expensed just as kitchen cutlery.
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