Examlex
You want to see if the number of minutes cell phone users use each month has changed from its mean of 120 minutes 2 years ago.You take a random sample of 100 cell phone users and find an average of 135 minutes used.
Lower-of-cost-or-market
An accounting principle that valuables inventory at the lower cost between the original purchase cost and its current market price.
Conservatism
An accounting principle that requires uncertainties and risks to be accounted for by reporting lower potential profits and higher liabilities.
Replacement Cost
The cost to replace an asset at its current market price, often used in insurance and accounting.
Inventory
The total amount of goods or materials a company has in stock for sale or production.
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