FREE Trial
Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

If, after recording a loss, the inventory recovers some of its value, the LCNRV rule does not permit the company to recognize the recovery unless

If, after recording a loss, the inventory recovers some of its value, the LCNRV rule does not permit the company to recognize the recovery unless the allowance account was used in the original writedown entry.

True

False

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions

Question

explain the most common theories applied in workfamily interaction research and know their limitations;

Answered: 1 week ago

Question

★★★★★
Carnack contracts to sell his house and lot to Willard for $100,000. The terms of the contract call for Willard to make a deposit of 10 percent of the purchase price as a down payment. The terms...

Answered: 1 week ago

Question

★★★★★
The prices of zero-coupon bonds with various maturities are given in the following table. Suppose that you want to construct a 2-year maturity forward loan commencing in 3 years. The face value of...

Answered: 1 week ago

Question

★★★★★
To Be or Not to Be a Project Manager Case1 prepared by Amber Gul RASHID (CASE CENTRE HSC MONTREAL)

Answered: 1 week ago

Question

★★★★★
Sharon contributes 5% of her annual earnings of $40,000.00 to her defined contribution pension plan. Her employer matches her contributions. Calculate Sharon's pension adjustment

Answered: 1 week ago

Question

★★★★★
Complete business activity and instalment activity statements in Australia Swanston Enterprises report GST quarterly on a cash basis. They had the following account balances (on a cash basis) for the...

Answered: 1 week ago

Question

★★★★★
14. A cylinder whose radius is 2 inches is removed from the right prism as shown. The ends of the prism have the shape of an equilateral triangle whose sides are 8 inches long. Find the volume of the...

Answered: 1 week ago

Question

★★★★★
Let A={-5,-4,-3, -2, -1, 0, 1, 2, 3, 4, 54. For each of the following relations on A, determine if it is partial order or an equivalence relation (justify your answers). If the relation is partial...

Answered: 1 week ago

Question

★★★★★
1) Let us consider the following value of parameters to simulate the quadcopter motion in MATLAB while using the in-built command "ODE45" to solve the quadcopter equations of motion: g= 9.81m/s, m =...

Answered: 1 week ago

Previous Question Next Question