Small items like, pencils, pens, files, etc. are written off within a year according to _____ concept.
A)Materiality
B)consistency
C)Conservatism
D)Realisation

Question

Quizplus · Accepted Answer

The Materiality concept in accounting allows small items like pencils, pens, files, etc., to be expensed in the period they are purchased rather than being capitalized and depreciated over time. This is because their cost is insignificant relative to the overall financial statements, and expensing them immediately simplifies the accounting process without materially affecting the financial statements' accuracy.

Small Items Like, Pencils, Pens, Files, Etc