Even when a resource has all the attributes necessary for recognition as an asset, a business has
Question:
Even when a resource has all the attributes necessary for recognition as an asset, a business has a policy of treating the resource as an expense unless it costs £1,000 or more. This is an example of complying with which accounting concept?
(a) Prudence concept
(b) Materiality concept
(c) Substance over form concept
(d) Relevance concept
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
b Ma...View the full answer
Answered By
Carly Cimino
As a tutor, my focus is to help communicate and break down difficult concepts in a way that allows students greater accessibility and comprehension to their course material. I love helping others develop a sense of personal confidence and curiosity, and I'm looking forward to the chance to interact and work with you professionally and better your academic grades.
12+ Reviews
21+ Question Solved
Related Book For 
Financial Accounting An Introduction
ISBN: 9780273737650
2nd Edition
Authors: Mr Barry Elliott, Mr Augustine Benedict
Question Posted:
