The expensing of a long-lived asset such as a wastebasket is justified by which of the following accounting rules or principles?
A)Matching
B)Materiality
C)Full disclosure
D)Consistency

Question

Quizplus · Accepted Answer

The materiality principle allows for the expensing of small, low-cost items like a wastebasket immediately rather than capitalizing and depreciating them over time because their cost is not significant enough to impact financial decisions.

The Expensing of a Long-Lived Asset Such as a Wastebasket