ACC 304 All Assignments ACC 304 All Assignments | Page 114

b. To be conservative.
c. To report a loss when there is a decrease in the future utility below
the original cost.
d. To permit future profits to be recognized.
33. Which of the following is not an acceptable approach in applying
the lower-of-cost-or-market method to inventory?
a. Inventory location.
b. Categories of inventory items.
c. Individual item.
d. Total of the inventory.