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

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Definitions:

Else If

A conditional statement in programming that specifies a new condition to test if the previous condition(s) is false.

Macro Action

A predefined action or set of actions that can be triggered in software to automate repetitive tasks.

Change

To make or become different; in computing, it often refers to modifying the content, settings, or properties of files, databases, or software.

OpenReport

A command or method in database applications used to open reports for viewing or printing.