Examlex

Solved

Is Necessity the Mother of Invention, to Repeat an Old

question 17

Essay

Is necessity the mother of invention, to repeat an old and familiar saying, or is invention the mother of necessity? Explain your reasoning.


Definitions:

Temporal Method

An exchange rate conversion method used in translating foreign currency financial statements, where monetary items are converted at the current exchange rate and non-monetary items at historical rates.

Net Realizable Value

The estimated selling price in the regular course of business minus any costs of completion, disposal, and transportation.

Inventory

The goods and materials a business holds for the purpose of sale or production.

Remeasured

The process of adjusting the value of an asset or liability to reflect its current market value or to correct any errors in initial measurement.

Related Questions