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Durga Sai Kalyan

· started a discussion

· 1 Months ago

Doubt (Question:332296.0)

Materiality?

Question:

Only significant events which affect the business must be recorded as per the principle of:

Options:
A)

Separate Entity

B)

Materiality

C)

Accrual 

D)

Going Concern

Solution:

Ans: (c)

Knowledge Expert

· commented

· 1 Months ago

Accrual (accumulation) of something is, in finance, the adding together of interest or different investments over a period of time. It holds specific meanings in accounting, where it can refer to accounts on a balance sheet that represent liabilities and non-cash-based assets used in accrual-based accounting.
Balance sheets have their long significance in the financial issues
Thus, As the word accrual is involving those terms. Thus the correct answer is (C)
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