A firm's accounting policy is to immediately expense the cost of metal wastebaskets it purchases for use by its employees at their desks. The total cost of wastebaskets in any year is $1,000 and the firm has $6 billion in total assets. The firm expects the wastebaskets to last indefinitely. The firm:

Question 2Select one:

a. Is violating GAAP

b. Is violating relevance principle

c. Is acceptable after considering the cost of providing the information and the benefits of providing it

d. None of the above