Expense

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  1. RAVI KAKKAD

    RAVI KAKKAD New Member

    Is it necessary to book the expense on or upto 31/03/2016. when a telephone bill amount 4000 and period from 18/03/2016 to 17/04/2016.

    ravi kakkad
    thanks & regards
     
  2. ZED

    ZED Well-Known Member

    Yes we should, but there is a concept of materiality according to which Non material items (trivial items) i.e
    Items the absence of knowledge of which will not influence the decisions of the user of the financial statements.

    For material items we definitely should.
     
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