In GAAP, the Terms "Net Realizable Value" and "Fair Value

question 89

True/False

In GAAP, the terms "net realizable value" and "fair value" mean the same thing.

---

Definitions:

Product's Cost

The total expense incurred in manufacturing, marketing, and distributing a product to the end user.

Mass Marketing

A strategy that aims to appeal to a large, broad audience by targeting the average consumer with general advertising messages.

Differentiation Strategy

A business approach where a company seeks to distinguish its products or services from competitors through unique features.

Specific Customers

Targeted individuals or groups that a business aims to serve or attract with its products or services.