Question on: JAMB Accounting - 2015
The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is
A
Materiality
B
Accrual
C
Going concern
D
Business entity
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Correct Option: A
Materiality states that only items of material values are recorded e.g. the cost of a stapler should not be capitalized but expensed just as kitchen cutlery.
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