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WAEC Financial Accounting 2021 Question 2

Question 2

Accounting Concepts and Conventions

In the preparation of financial statements, full disclosure of minor events are ignored in line with

  1. A.accrual concept
  2. B.money measurement concept
  3. C.business entity concept
  4. D.materiality concept
Show the answer and explanation

Answer: D (materiality concept)

Explanation

Materiality allows insignificant items to be left out or grouped.