Which of the following accounting policies is an example of costs versus benefits constraint being exercised in the disclosure of financial information? Inventory is valued at lower of cost or market. Property, plant and equipment are appraised and revalued every three years. Biological assets are stated at fair value unless the fair value cannot be measured reliably. Research and development costs are expensed as incurred.

in accounting some policies are exercised as cost versus benefits in disclosure of financial…

Answered: Which of the following accounting…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Which of the following accounting policies is an example of costs versus benefits constraint being exercised in the disclosure of financial information?

		Inventory is valued at lower of cost or market.
		Property, plant and equipment are appraised and revalued every three years.
		Biological assets are stated at fair value unless the fair value cannot be measured reliably.
		Research and development costs are expensed as incurred.

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