Question
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
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Construction Accounting And Financial Management
Authors: Steven J. Peterson
1st Edition
0131109391, 978-0131109391
