Question: Materiality states that: Assets should be initially recorded at cost and adjusted when the market value changes. Assets should be recorded at their historical costs.

Materiality states that:

Assets should be initially recorded at cost and adjusted when the market value changes.

Assets should be recorded at their historical costs.

Only transaction data capable of being expressed in terms of money should be included in the accounting records.

The activities of an entity should be kept separate and distinct from its owners.

Before determining whether to record the cost of a stapler as an expense, it should be determined whether this treatment would affect the judgement of a decision maker.

Materiality states that: Assets should be initially recorded at cost and

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