The cost of a calculator will be treated as an expense in that particu

1.	The cost of a calculator will be treated as an expense in that particular year in which it is purchased although it may be used for 3-4 years. Name the accounting concept which is applied here and also explain it. [2]
Answer» the cost of the calculater will be treated as an expense in that particular year in which is purchased although it MAY be USED for 3-4 year, this is in accordance to the concept of materiality.. explanation - the convention of the materiality anticipated that in accounting only those translation will be evaluated which have a SUBSTANTIAL impact on the financial STANDING of the organisation and the other dealing which have unimportant effect will be ignored.. THANK you I hope I will be helpful to you

The cost of a calculator will be treated as an expense in that particular year in which it is purchased although it may be used for 3-4 years. Name the accounting concept which is applied here and also explain it. [2]

Answer»

the cost of the calculater will be treated as an expense in that particular year in which is purchased although it MAY be USED for 3-4 year, this is in accordance to the concept of materiality..

*explanation* -

the convention of the materiality anticipated that in accounting only those translation will be evaluated which have a SUBSTANTIAL impact on the financial STANDING of the organisation and the other dealing which have unimportant effect will be ignored..

THANK you I hope I will be helpful to you

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