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During the year, some goods which have been in stock for years were sold at a lower price than cost, Management has advised the accountant
During the year, some goods which have been in stock for years were sold at a lower price than cost, Management has advised the accountant to report only the sales revenue of these goods and defer the cost for next year. State the accounting concept that would most probably be applied in addressing the accounting problem that arises then explain how the problem should be addressed
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