The accounting concept which states that expenditure invo...
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
Business entity
Materiality
Dual aspect
Realization
Correct answer is B
The materiality principle states that an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.
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Use the following to answer the given question BALANCE SHEET: \(\begin{array}{c|c} & N &am...
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The understatement of closing value of work-in-process would have the effect of? ...