sukhjeet2124 sukhjeet2124

05-06-2024
Business

Answered

Question 4:
LMN Inc. does not record small expenses separately because they are considered
insignificant. This is an application of the:
A) Prudence principle
B) Materiality principle
C) Revenue recognition principle
D) Consistency principle

Answer :

GinnyAnswer GinnyAnswer

05-06-2024

Final answer:

The Materiality principle guides LMN Inc. in not recording small expenses separately, ensuring only significant financial data is included.

Explanation:

Materiality principle is applied when a company like LMN Inc. decides not to record small expenses separately because they are considered insignificant. This principle states that financial information should only include significant data that would influence the decisions of financial statement users.

Learn more about Accounting principles here:

https://brainly.com/question/50658446

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