WAEC Accounting 2021 Objective — Question 2
Question 2 of 50 from the West African Examinations Council (WAEC) Accounting 2021 Objective paper, with the correct answer and a full explanation.
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In the preparation of financial statements, full disclosure of minor events are ignored in line with
- A. accrual concept
- B. money measurement concept
- C. business entity concept
- D. materiality conceptCorrect
Explanation
The materiality concept states that only items of material value should be recorded; the amount considered material can vary from one organization to another.
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