The accounting principle that states that insignificant e...
The accounting principle that states that insignificant expenditures are not to be taken into account is the
Realization concept
Materiality convention
Marching concept
Consistency convention
Correct answer is B
This accounting convention proposed that while accounting, only those transactions which have material impact on financial status of the organization will be considered and other transactions which have insignificant effect will be ignored. It gives relative importance to an item or event.
Given: Shaku Company Ltd. Stock..........................N3,600,000 Cash at hand..................
\(\begin{array}{c|c} & Baba & Tude\\ & N & N \\ \hline \text{Capital Accounts 1 Janu...
The main purpose of transaction file is ...
Use the following information to answer the given question \(\begin{array}{c|c} & DR & CR...
Given: Fixed assets N85,600 Sales N197,000 Stock N34,300 Salaries N37,000 Purchases N127,700 S...