Which Statement Is Untrue

question 9

Multiple Choice

Which statement is untrue?

• A) Inventory is normally valued at cost.
• B) In certain circumstances some inventory items will be valued at below cost.
• C) In certain circumstances some inventory items will be valued at above cost.
• D) Net realisable value is related to estimated market value.

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Definitions:

Perceptual Constancies

The cognitive capacity to perceive objects as having constant shape, size, and color despite changes in perspective, distance, or lighting.

Visual Illusion

A misperception of a real external stimulus, where the way we perceive something visually does not match its physical reality.

Pigments

Substances that give color to biological organisms, objects, or materials by absorbing and reflecting certain wavelengths of light.

Color Spectrum

The range of all possible frequencies of electromagnetic radiation visible to the human eye, perceived as colors.