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Which of the following statements is incorrect regarding the lower-of-cost-or- market rule? 25. a. It is inconsistent because losses are recognized but not gains. b.

Which of the following statements is incorrect regarding the lower-of-cost-or- market rule? 25. a. It is inconsistent because losses are recognized but not gains. b. It usually understates assets. c. It can increase future income if the expected reductions do not materialize. It incorporates both gains and losses in value that occur during the course of business. d

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