A. Materiality
B. Accrual
C. Going concern
D. Business Entity
Correct Answer: Option A
A. Materiality
Explanation
In accounting, the concept of materiality allows you to violate another accounting principle if the amount is so small that the reader of the financial statements will not be misled. This means that, an accounting standard can be ignored if the net impact of doing so has such a small impact on the financial statements that a reader of the financial statements would not be misled.
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