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

    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.  

    Practice Next