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.
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Which of the following is a debit item in the sales ledger control account? ...
The balance on the sales ledger control account at the end of the accounting year represents a ...