When calculating a partial year's depreciation,the length of time an asset has been owned usually is rounded to the nearest month.This rounding practice is justified by the principle or rule of
A) matching.
B) materiality.
C) cost-benefit.
D) conservatism.

Question

Quizplus · Accepted Answer

Materiality principle states that an accounting standard should be applied or followed only if the amount involved is material, and rounding the length of time an asset has been owned to the nearest month is not material. Therefore, it is justified to round off the length of time to the nearest month to simplify the calculation process.

When Calculating a Partial Year's Depreciation,the Length of Time an Asset