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

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asked Sep 14, 2017 58.9k views

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Aditya Anand · Answer 1 · 2017-09-20T18:55:13+0000

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.

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

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