Multiple choice

The value of residual postage stamps of the small amount lying in the business may not be shown in the books of accounts. It is as per

  1. consistency convention

  2. convention of materiality

  3. convention of conservatism

  4. dual aspect
Reveal answer Fill a bubble to check yourself
B Correct answer
Explanation

It states that the business should disclose significant items but may ignore insignificant items. Thus, it is the correct answer.

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