Which of the Following Is Not a Generally Accepted Basis

question 5

Multiple Choice

Which of the following is not a generally accepted basis for inventory valuation?

• A)net realizable value
• B)variable manufacturing cost
• C)replacement cost
• D)acquisition cost
• E)net realizable value reduced by a normal profit margin

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Definitions:

Services Trade Balance

The difference between exports and imports of services of a country, reflecting whether a country is a net provider or consumer of services internationally.

Adam Smith

An 18th-century economist known as the father of modern economics, famous for his theories on free markets and the 'invisible hand'.

International Trade

The exchange of goods and services across international boundaries.

Hourly Wages

Hourly wages are the amount of money workers are paid for each hour of work, often used to compensate employees in various job types for their labor.