Which of the following concepts suggests that minor items will not affect the true and fair view of a set of financial statements?
A) Duality
B) Materiality
C) Objectivity
D) Consistency

Question

Quizplus · Accepted Answer

Materiality suggests that the minor items will not affect the true and fair view of a set of financial statements. Duality is the concept that states that every transaction has two aspects (debit and credit) that should be recorded in the accounting system. Objectivity means that financial statements are free from any bias and represent the true picture of the organization. Consistency implies that accounting policies and procedures should be consistently applied from one period to another.

Which of the Following Concepts Suggests That Minor Items Will