Question

Charging off the cost of a wastebasket with an estimated useful life of 10 years as an expense of the period when purchased is an example of the application of the

Answer 1

Answer:

E. materiality concept

Explanation:

The materiality concept refers to a concept in which it impacts the decisions of the user if there is any small impact. In other words, any small impact could change the user decisions with respect to the financial statement i.e. relevant and useful

Therefore according to the given situation, the Option E is correct

And all the other options are incorrect