The accounting principle that states that insignificant e...
The accounting principle that states that insignificant expenditures are not to be taken into account is the
Realization concept
Materiality convention
Marching concept
Consistency convention
Correct answer is B
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.
Use the following to answer the given question DEBTORS CONTROL ACCOUNT: \(\begin{array}{c|c} &...
Trading account for the year ended 31st December 2009 ₦ ₦ Opening...
The type of expense charged against administration of a firm is the? ...
Stock of finished goods: Jan 1st Dec 31st Stock of Raw materials: Jan 1st De...
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Control accounts help to verify the arithmetic accuracy of the postings from the ...