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

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

Correct Answer: Option A

Explanation

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