The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is

The accounting concept which states that expenditure involving insignificant amounts should be regarded as expenses and not assets is known as "materiality." In other words, materiality refers to the idea that only transactions and events that are significant to the financial statements should be recorded as assets, liabilities, equity, revenues, or expenses. This means that trivial expenditures, such as the purchase of office supplies or small repairs, can be treated as expenses rather than being recorded as assets, because they do not have a significant impact on the overall financial position of the company. Materiality is a key consideration in determining what information should be included in financial statements and how that information should be presented to users.