WAEC Accounting 2014 Objective — Question 39

Question 39 of 50 from the West African Examinations Council (WAEC) Accounting 2014 Objective paper, with the correct answer and a full explanation.

The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not asset is

A. business entity
B. materialityCorrect
C. dual aspect
D. realization

Explanation

The materiality concept states how expenses and assets are to be categorised, including that insignificant expenditures should be treated as expenses, not assets.

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