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A firm purchased $40,000 of supplies in its first year of operations but used up...

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Accounting

A firm purchased $40,000 of supplies in its first year of operations but used up only $30,000 of the supplies during the year. Therefore, Multiple Choice under the materiality constraint, it makes no difference what the firm does with respect to accounting for supplies. the firm should record $40,000 of supplies in the balance sheet at the end of the year, as the firm is a going concern. under the matching concept, the firm should report $30,000 of expense. under the relevance characteristic, the firm should expense $40,000

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