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.

---

Definitions:

Status Quo Bias

The tendency for individuals to prefer for things to stay the same by doing nothing or by sticking with a decision made previously.

Default Option

A pre-selected choice among a set of options that will be applied if no alternative is specified by the decision-maker.

Action

The act of doing something or taking steps towards achieving an outcome.

Reactance

An encouraging response to incentives, personalities, standards, or rules that risk or nullify specific behavioral liberties.