The lower-of-cost-or-net realizable value rule for inventory is an example of the application of: (a) the conservatism
Question:
The lower-of-cost-or-net realizable value rule for inventory is an example of the application of:
(a) the conservatism convention.
(b) the historical cost principle.
(c) the materiality concept.
(d) the economics entity assumption.
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a Conservatism means to use the lowest value for assets and revenues when in ...View the full answer
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Related Book For
Accounting Tools For Business Decision Making
ISBN: 9780470377857
3rd Edition
Authors: Paul D. Kimmel
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