question archive Explain how the concept of the lower of cost or market rule satisfies the conservatism principle
Explain how the concept of the lower of cost or market rule satisfies the conservatism principle
Subject:AccountingPrice: Bought3
Explain how the concept of the lower of cost or market rule satisfies the conservatism principle. Is the LCM rule a contradiction to the historical cost principle? Why or why not? How does the concept of materiality relate to the write down of inventory?
*Only has to be a small paragraph. Must be thoughtful and on point.
Needs to be done soon as possible as it is due this evening.
