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

  • A dual aspect concept
  • B realization concept
  • C materiality concept
  • D business entity concept
waec 2022accounting

The correct answer is C. materiality concept

Materiality is a principle which states that only items of material values are recorded. For example, the cost of a stapler should not be capitalized but expensed.

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