New Enroll in RBI Grade B New Batch - Starts on May 21

    Question

    Which of the following accounting convention states

    that‘Trivial transactions can be ignored’?
    A Consistency Correct Answer Incorrect Answer
    B Materiality Correct Answer Incorrect Answer
    C Full Disclosure Correct Answer Incorrect Answer
    D Matching Correct Answer Incorrect Answer
    E Conservatism Correct Answer Incorrect Answer

    Solution

    All the material information must be recorded and what is material is subjective, and depends on the organization in the question. Materiality Convention states that only the material/ significant transactions should be recorded and trivial transactions can be ignored.

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