Inventory Has a Cost of $475 000 and a Current

question 40

Multiple Choice

Inventory has a cost of $475 000 and a current selling price of $435 000.What amount should be reported on the financial statements and what concept or principle applies?

• A)$435 000,conservatism
• B)$435 000,going concern
• C)$475 000,going concern
• D)$475 000,cost

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Definitions:

Ingroup Members

Individuals who belong to and identify with a particular group or category, often leading to preferential treatment of these individuals over those not in the group (outgroup members).

September 11

Refers to the terrorist attacks that occurred on September 11, 2001, in the United States, significantly impacting global politics and policies.

Prejudice

A preconceived opinion or judgment towards a person or group that is not based on reason or actual experience, often involving negative attitudes or beliefs.

Discrimination

Unjust or prejudicial treatment of different categories of people or things, especially on the grounds of race, age, or sex.