The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year is

Answer Details

The accounting concept that allows the cost of kitchen cutlery to be expensed, though it can be used for more than one year, is "Materiality." Materiality is an accounting concept that refers to the importance or significance of an item or transaction in the financial statements. If an item is considered immaterial, it can be expensed immediately rather than being capitalized and amortized over its useful life. In other words, if the cost of the kitchen cutlery is not significant enough to affect the financial statements in a meaningful way, it can be expensed in the current period. Therefore, if the cost of kitchen cutlery is not material, it can be expensed in the current period, even though it can be used for more than one year. This treatment is based on the materiality concept, which allows companies to focus on the important items in their financial statements and avoid excessive reporting of immaterial items.