As per materiality principle company should records or shows only those information or data in books of accounts which are material for the business and for the purpose of accounting. All unnecessary information must not be recorded in books of accounts. To Explain: Learning from information obtained and actions taken after knowing the information.

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Chapter 2, Problem 2.1.1P

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As per materiality principle company should records or shows only those information or data in books of accounts which are material for the business and for the purpose of accounting. All unnecessary information must not be recorded in books of accounts.

To Explain: Learning from information obtained and actions taken after knowing the information.

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