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

question 49

Multiple Choice

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

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Definitions:

Metacognition

Awareness and understanding of one's own thought processes, or thinking about thinking.

Cognitive Abilities

Mental skills that include the capacity to learn, remember, solve problems, and make decisions.

Stimuli

External elements or occurrences that can produce a physical or behavioral response in an organism.

Morality

Refers to the principles concerning the distinction between right and wrong or good and bad behavior.