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:

Marathon

A long-distance running race, officially 42.195 kilometers (26.219 miles), requiring endurance and stamina.

Endeavor

A determined attempt or effort to achieve something.

Socialization Process

The ongoing experience through which individuals learn and internalize the values, behaviors, and norms of their society or social group.

Financial Success

The achievement of monetary goals and stability, often manifested through income, savings, investments, and financial independence.