WAEC Accounting 2015 Objective — Question 31

Question 31 of 50 from the West African Examinations Council (WAEC) Accounting 2015 Objective paper, with the correct answer and a full explanation.

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

A. MaterialityCorrect
B. Accrual
C. Going concern
D. Business entity

Explanation

The materiality concept states that an expense will be written off entirely in the year it is incurred if the amount is insignificant (immaterial), even if the item's useful life extends beyond one year.

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