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The lower of cost or net realizable value rule is an application of ? (a) Conservatism principle (b) Monetary unit assumption (c) Going concern concept (d) Matching principle

The lower of cost or net realizable value rule is an application of ? (a) Conservatism principle (b) Monetary unit assumption (c) Going concern concept (d) Matching principle

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter4: The Balance Sheet And The Statement Of Shareholders' Equity
Section: Chapter Questions
Problem 11GI
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The lower of cost or net realizable value rule is an application of ? (a) Conservatism principle (b) Monetary unit assumption (c) Going concern concept (d) Matching principle
Transcribed Image Text:The lower of cost or net realizable value rule is an application of ? (a) Conservatism principle (b) Monetary unit assumption (c) Going concern concept (d) Matching principle
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