What accounting concept is employed when using the lower-of-cost-or-market valuation?

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01-11-2016
Business

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What accounting concept is employed when using the lower-of-cost-or-market valuation?

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syed514 syed514 · Answer 1 · 2016-11-03T08:53:08+01:00

syed514 syed514

03-11-2016

Answer: Conservatism dictates the lower-of-cost-or-market inventory valuation.

Conservatism is any political philosophy that favors tradition in the face of external forces for change, and is critical of proposals for radical social change.

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