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Basic Question 5 of 26
The reporting of inventory values at the lower of cost or market reflects the accounting principle or convention of ______.
B. materiality
C. conservatism
A. cost principle
B. materiality
C. conservatism
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I passed! I did not get a chance to tell you before the exam - but your site was excellent. I will definitely take it next year for Level II.
Tamara Schultz
Learning Outcome Statements
describe the measurement of inventory at the lower of cost and net realisable value and its implications for financial statements and ratios
CFA® 2024 Level I Curriculum, Volume 2, Module 6.