Why Does U

question 113

Essay

Why does U.S.GAAP require companies to apply the lower-of-cost-or-market rule to inventories?

---

Definitions:

Clearance Price

A significantly reduced price aimed at quickly selling off product inventory, often to make space for new stock.

Data Type

A classification identifying the type of data that a variable or object can hold in programming, such as integer, string, or boolean.

Field

In computing, a field is a data storage space for a particular piece of information within a record in a database or a form.

CIA Triad

A model designed to guide policies for information security within an organization, encompassing Confidentiality, Integrity, and Availability.