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      Question

      As per which convention, trivial transactions can be

      ignored?
      A Full Disclosure Correct Answer Incorrect Answer
      B Materiality Correct Answer Incorrect Answer
      C Conservatism Correct Answer Incorrect Answer
      D Consistency Correct Answer Incorrect Answer
      E Prudence 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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