The lower of cost or market value rule is applied to short-term investments. Stocks are not, however,
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The lower of cost or market value rule is applied to short-term investments.
Stocks are not, however, valued on a lower of cost or current replacement price.
Explain why these two treatments are recommended for the valuation of the respective current assets and also whether there appears to be any contradiction in the treatments.
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Related Book For 
Financial Accounting And Reporting An Introduction
ISBN: 978-0333346402
1985 Edition
Authors: R. Limmack
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