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:

Bytes

Fundamental units of digital information in computing and telecommunications, typically consisting of 8 bits.

Petabyte

A unit of digital information storage equal to 1,024 terabytes or approximately a million gigabytes, often used to measure large data volumes.

Terabyte

A unit of digital information storage equal to approximately one trillion bytes, commonly used to quantify hard drive or storage capacity.

Megabyte

A unit of digital information storage or data size, approximately 1 million bytes, often used to quantify the size of digital files or storage capacity.