ANSWER The lower of cost or net realizable value ruleis an application of?a) Conservatism principleb) Monetary unit assumptionc) Going concern conceptd) Matching principle

Explanation of Conservatism Principle:The conservatism principle in accounting ensures that…

Answered: The lower of cost or net realizable…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 1Q: What is meant by the term gross margin?

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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