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

  • A business entity
  • B materiality
  • C dual aspect
  • D realization
waec 2014accounting

The correct answer is B. materiality

The materiality principle states that an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.

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