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WAEC Financial Accounting 2011 Question 35

Question 35

Accounting Concepts and Conventions

The concept which deals with the exclusion of trivial items in the accounting records is

  1. A.consistency
  2. B.going concern
  3. C.materiality
  4. D.money measurement
Show the answer and explanation

Answer: C (materiality)

Explanation

Materiality allows insignificant items to be treated simply rather than recorded in detail.