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


Question

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

Options

A) Materiality

B) Accrual

C) Going concern

D) Business entity

The correct answer is 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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Dicussion (1)

  • 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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