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.

Question

Quizplus · Accepted Answer

The modifying constraint that the accountant followed was materiality, meaning that the cost of the tool was not significant enough to require depreciation.

An Accountant Charged the Repairs Expense Account for a Tool