Under US GAAP, If Inventory Is Written Down Under Lower-Of-Cost-Or-Market, It

question 52

True/False

Under U.S. GAAP, if inventory is written down under lower-of-cost-or-market, it may not be written back up to its original cost in a subsequent period.

---

Definitions:

Over Capacity

A situation where a facility produces more goods or services than currently needed, leading to inefficiency and increased costs.

Dreamliner 787

The Dreamliner 787 is a long-range, wide-body, twin-engine jet airliner developed by Boeing, known for its fuel efficiency and passenger comfort features.

International Business

A firm that engages in cross-border transactions.

Global Strategy

A comprehensive approach to business that considers the global market environment in a company's planning and operational strategies.