Question

what is meant by materiality concept of accounting

Answer 1

An accounting concept according to which all relatively important and relevant items,i.e., items , the knowledge of which might influence the decisions of the user of the financial statements are discloses in the financial statements.

Whether something should be disclosed or not in the financial statements will depend on whether it is material or not.

Materiality depends on the amount involved in the transactions.

Answer 2

Answer:

Materiality Principle: Disclosure of all material facts is compulsory but it does not imply that even those figures which are irrelevant are to be included in financial statements. According to this principle, only those items or information should be disclosed that have material effect and relevant to the users.

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