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The accounting principle that states that insignificant expenditures are not to be taken into account...

Accounts - Principles of Accounts
WAEC 2010

The accounting principle that states that insignificant expenditures are not to be taken into account is the

  • A. realization concept
  • B. materiality convention
  • C. marching concept
  • D. consistency convention
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Correct Answer: Option B
Explanation

This accounting convention proposed that while accounting, only those transactions which have material impact on financial status of the organization will be considered  and other transactions which have insignificant effect will be ignored. It gives relative importance to an item or event.


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