Recording a Lower of Cost or Market (LCM)adjustment Involves Which

question 6

Multiple Choice

Recording a Lower of Cost or Market (LCM) adjustment involves which of the following generic journal entries?

• A) Debit Sales Revenue and Inventory
• B) Debit Cost of Goods Sold and credit Inventory
• C) Debit Loss on Goods Sold and credit Inventory
• D) Debit Retained Earnings and credit Inventory

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Definitions:

Big 5 Personality Trait

A theory in psychology that outlines five broad dimensions of human personality: openness, conscientiousness, extraversion, agreeableness, and neuroticism.

Conscientiousness

A characteristic of personality signified by being well-organized, reliable, and having a profound commitment to responsibilities.

Extroversion

A characteristic of personality marked by being outgoing, communicative, confident, and demonstrating significant emotional expression.

Conscientiousness

A personality trait characterized by being responsible, organized, dependable, and exhibiting a strong sense of duty.