WAEC Accounting 2022 Objective — Question 11
Question 11 of 50 from the West African Examinations Council (WAEC) Accounting 2022 Objective paper, with the correct answer and a full explanation.
Advertisement
The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is
- A. business entity concept
- B. materiality conceptCorrect
- C. dual aspect concept
- D. realization concept
Explanation
The materiality concept states that insignificant amounts should be written off as expenses rather than capitalized as assets.
Advertisement
Sign up free to unlock
- Score tracking
- Practice history
- Saved questions
- Progress dashboard
- Personalized sessions
- Weak-topic breakdown
…and/or go further with premium services and No Ads.