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The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses...

Accounts - Principles of Accounts
WAEC 2022

The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is

  • A. dual aspect concept
  • B. realization concept
  • C. materiality concept
  • D. business entity concept
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Correct Answer: Option C
Explanation

Materiality is a principle which states that only items of material values are recorded. For example, the cost of a stapler should not be capitalized but expensed.

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