The new company bookkeeper decided to record the $50 lamp purchase as an asset. Discuss, referencing GAAP

Question:

The new company bookkeeper decided to record the $50 lamp purchase as an asset. Discuss, referencing in your answer, whether this treatment is appropriate.
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...