Examlex
Write the logarithm as a sum or difference of logarithms. Simplify each term as much as possible.
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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.
Historical Cost Principle
An accounting principle that states that assets should be recorded and reported at their original purchase cost.
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