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The accounting concept that allows the cost of kitchen cutlery to be expensed, though it...

Accounts - Principles of Accounts
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
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Correct Answer: Option A
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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