IFRS Defines Market for Lower-Of-Cost-Or Market as

question 23

Multiple Choice

IFRS defines market for lower-of-cost-or market as

• A)net realizable value.
• B)estimated selling price in the ordinary course of business.
• C)replacement cost.
• D)replacement cost less costs of disposal.

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Definitions:

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A legal principle used in contracts to determine the intent of the parties to enter into a contractual agreement.

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