Teaching Haryana (HPSC) Assistant Professor Mock Test 2025 Accounting and Auditing Basic accounting principles
On December 31, 2022, XYZ Corporation's inventory had a cost of $50,000 and a market value of $45,000. According to which accounting principle should the company record its inventory at the lower of cost or market value?
1
Consistency Principle
2
Cost Principle
3
Disclosure Principle
4
Conservatism Principle
5
Question Not Attempted