Under GAAP, Which of the Following Amounts Would Be Reported

question 34

Multiple Choice

Under GAAP, which of the following amounts would be reported as Merchandise Inventory on the balance sheet of a company if the cost of an item is $85 and the current replacement cost is $70?

• A)$155
• B)The average of $70 and $85
• C)$85
• D)$70

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Definitions:

Individual's Personality

The distinctive and enduring pattern of thoughts, feelings, and behaviors that characterize a person's responses to life's situations.

Unconditional Love

A type of affection and care given without any expectations or limitations, often considered the purest form of love.

Healthy Personality

A concept referring to an individual's psychological state, characterized by well-being, adaptive coping strategies, resilience, and the capacity for growth and relationships.

Ego Needs

Refers to the psychological needs that relate to an individual's self-esteem, personal worth, and social recognition.