Recording the purchase price of a pencil sharpener (with an estimated useful life of 10 years) as an expense of the current period is justified by the
A) going-concern assumption.
B) materiality constraint.
C) matching principle.
D) comparability principle.

Question

Quizplus · Accepted Answer

The materiality constraint allows for the immediate expensing of items that are not significant in amount, such as a pencil sharpener, rather than capitalizing and depreciating them over their useful life.

Recording the Purchase Price of a Pencil Sharpener (With an Estimated