Examlex
Mary Lou is a 22-year old student at Wilson College.She earned $4,300 at a summer job,which is less than half of her support.
I.Mary Lou can claim a personal exemption for herself even if her parents claim her as a dependent.
II.Because Mary Lou is a full-time college student,and she provides less than half of her own support,her parents can claim her as a dependent on their return.
Understated
Refers to figures or amounts that have been reported lower than they actually are, often affecting financial statements and analysis.
Lower-of-Cost
A principle that dictates inventory should be recorded at either its original cost or the market value, whichever is lower, to avoid overstating assets.
Ending Inventory
The total value of all inventory that a company has in stock at the end of an accounting period.
Inventory Accounting
The process of valuing and tracking physical stock and its cost flow from purchase to sale, used to determine cost of goods sold and inventory balance.
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