Question

Showing purchased office equipment in financial statements is the
application of which accounting concept?

Answer 1

Your answer:

Showing purchased office equipment in financial statements is the application of Materiality.

Explanation:

According to the materiality convention, the business must report all the transactions which are of material nature and ignore the insignificant items. The firm has to make a distinction between the material and immaterial matters.  

Purchase of office equipment is a material in nature and to be shown in the financial statement.

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