An Accountant Charged the Repairs Expense Account for a Tool

question 20

Multiple Choice

An accountant charged the Repairs Expense account for a tool that cost $12.The tool had an estimated useful life of 5 years;however,the accountant did not choose to depreciate it.The modifying constraint that the accountant followed was

• A) materiality.
• B) objectivity.
• C) conservatism.
• D) industry practice.

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Definitions:

Rawls's Justice Theory

A philosophical framework proposing principles of justice, including the maximin strategy for social and economic inequalities, ensuring the most extensive basic liberties for all.

Outcomes

In legal contexts, this term refers to the final results or consequences of legal proceedings or actions.

Begging The Question

A logical fallacy in which the conclusion of an argument is assumed in the formulation of the argument itself.

Slippery Slope

A logical fallacy that suggests a minor action will lead to major and oftentimes negative consequences without providing evidence for such a drastic outcome.