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)conservatism.
D)full disclosure.

Question

Quizplus · Accepted Answer

The principle of materiality states that an item should be recorded in the financial statements if it is material and that rounding to the nearest month for partial year depreciation is an acceptable practice because the impact on the financial statements is immaterial.

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