Applying the Lower-Of-Cost-Or-Market Rule Follows Which of the Following Accounting

question 32

Multiple Choice

Applying the lower-of-cost-or-market rule follows which of the following accounting conventions?

• A) Full disclosure
• B) Consistency
• C) Cost-benefit
• D) Conservatism

---

Definitions:

Marketing Concept

A business philosophy suggesting that success is achieved by focusing on the needs and wants of target markets.

Response Time

The duration it takes for a system or service to react to a specific request.

Lifetime Value

The total net profit a company expects to earn from a customer over the duration of their relationship.

Empowerment

The process of increasing the capacity of individuals or groups to make decisions and implement changes in their own lives and communities.