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
Correct Answer: Option A
Explanation
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.