📢 Too many exams? Don’t know which one suits you best? Book Your Free Expert 👉 call Now!
  • google app store apple app store
    • ✖

      Question

      ‘Trivial transactions can be ignored’. Which of the

      following accounting convention is true in context of this statement?
      A Consistency Correct Answer Incorrect Answer
      B Full Disclosure Correct Answer Incorrect Answer
      C Materiality Correct Answer Incorrect Answer
      D Conservatism Correct Answer Incorrect Answer
      E Going concern 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.

      Practice Next
      More Alternate Sources of Finance Questions
      ask-question