JAMB Accounting 2020 Objective — Question 33

Question 33 of 40 from the Joint Admissions and Matriculation Board (JAMB) Accounting 2020 Objective paper, with the correct answer and a full explanation.

33. The accounting concept that states how expenses will be treated is a

A. A. consistency concept
B. B. reality concept
C. C. objectivity concept
D. D. materiality conceptCorrect

Explanation

Materiality concept is the accounting concept that states that transactions should be recognized based on their materiality, i.e. how much is involved and how such amount affects the cash of the business.

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