Examlex
When a journal entry contains an error and the error is detected after posting, the entry can be corrected.
Lower-of-cost-or-market
An accounting principle that valuables inventory at the lower cost between the original purchase cost and its current market price.
Conservatism
An accounting principle that requires uncertainties and risks to be accounted for by reporting lower potential profits and higher liabilities.
Replacement Cost
The cost to replace an asset at its current market price, often used in insurance and accounting.
Inventory
The total amount of goods or materials a company has in stock for sale or production.
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