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

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Business

Sullivan Collins

2 August, 08:53

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

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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.