The Use of the Lower of Cost or Market Method

question 20

Multiple Choice

The use of the lower of cost or market method to value inventory for reporting purposes is a departure from the accounting principle of

• A)going concern.
• B)conservatism.
• C)matching.
• D)historical cost.

---

Definitions:

Fidelity

The degree to which the implementation of a program or intervention adheres to the original design or protocol.

Responsibility

The obligation to carry out duties or tasks satisfactorily and being accountable for the outcomes.

Confidentiality

The principle or practice of keeping personal, sensitive, or specified information secure and not disclosing it to unauthorized persons.

Informed Consent

The process by which participants are fully informed about the nature, risks, and benefits of a research study before agreeing to participate.