With Regards to Inventory Which of the Following Would Be

question 1

Multiple Choice

With regards to inventory which of the following would be classed as conservative accounting?

• A)Consistently and quickly applying the lower of cost and net realisable value rule.
• B)Being slow to write down slow-moving inventory.
• C)Still recording obsolete inventory as an asset.
• D)Overstating inventory by including non-existent inventory in accounts.

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Definitions:

Max Weber

A German sociologist, philosopher, and political economist known for his theories on the process of rationalization and his studies of bureaucracy.

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Weber's Authority Types

Max Weber's classification of authority into three types: traditional, charismatic, and legal-rational, each with a different basis of legitimacy.

Ideal Typical

A methodological concept in sociology that represents a simplified, exaggerated model of social phenomena to analyze and understand real-life complexities.