When Inventories Are Written Down Due to the Application of the Lower

question 100

Multiple Choice

When inventories are written down due to the application of the lower of cost or market (LCM) rule,which of the following is usually increased?

• A)Cost of goods sold
• B)Inventories
• C)Operating expenses
• D)Accumulated depreciation--inventory

---

Definitions:

Narcissist

An individual exhibiting excessive self-love or self-centeredness, often associated with a lack of empathy and a need for admiration.

Grandiose View

An inflated self-concept, often characterized by overestimations of one’s importance, abilities, or achievements.

Self-Serving Bias

The common tendency to attribute positive outcomes to one's own character but attribute negative outcomes to external factors.

Ought Self

The representation of what an individual believes they should be, often influenced by societal and familial expectations.