Rules of Tax Law Do Not Include Revenue Rulings and Revenue

question 71

True/False

Rules of tax law do not include Revenue Rulings and Revenue Procedures.

---

Definitions:

Inventory

The tangible property held for sale in the normal course of business, or to be used in producing goods or services.

Lower of Cost

An accounting principle that adjusts the value of an inventory or asset to the lower of its historical cost or its market value.

Net Realizable Value

The estimated selling price of goods minus the costs of their sale or disposal.

Conservatism Constraint

An accounting principle that provides guidance for uncertain conditions, advising to recognize expenses and liabilities sooner rather than later.