USGAAP Specifies That, in the Context of Inventories, Market Means

question 156

Multiple Choice

U.S.GAAP specifies that, in the context of inventories, market means

• A)replacement cost, only.
• B)net realizable value, only.
• C)replacement cost, except that market may not exceed net realizable value and may not be less than net realizable value reduced by a normal profit margin.
• D)replacement cost, except that market may not exceed net realizable value and may not be less than present value of future cash flows.
• E)replacement cost, except that market may not exceed net realizable value and may not be less than the total amount of undiscounted future cash flows.

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Definitions:

Rationality

The quality of being based on or in accordance with reason or logic.

Organizer

A person who arranges or coordinates elements, events, or activities to ensure they function cohesively.

Project Manager

A professional responsible for planning, executing, and closing projects, overseeing the project's completion from start to finish.

Coercive

Involving or relating to the use of force or threats to compel someone to act in a certain way.