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Theory Base of Accounting — Account STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceAccountTheory Base of Accounting1 Mark
MCQ
Materiality means _______.
  • ✓
    Relative importance
  • B
    Material
  • C
    Mercantile
  • D
    Realisation
✓

Answer

Correct option: A.
Relative importance
Materiality being the fundamental concept of accounting states that all important matters of the firm must be disclosed.
Items which are important for the firm are called material items. Hence, materiality means relative importance.

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