Accounting for IGCSE & O level - Advanced Principles (Section 5 - No. 12)
Which of the following best describes the concept of materiality in accounting?
Recording all transactions regardless of their size.
Focusing on the total value of assets.
Considering if the size of an item is significant enough to influence decisions.
Always using the same accounting methods.
Explanation
Materiality determines the significance of an item on financial statements.
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