Your Manager, knowing your are currently taking a Financial Accounting course, asked you to perform...
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Accounting
Your Manager, knowing your are currently taking a Financial Accounting course, asked you to perform the following task: a) Explain to the team what Lower of cost or Market/net realizable value means and its relevance in fairly representing the financial statements. b) Discuss with the team what are the conditions this method is applied? c) Go thru the team how you assess if your company needs to apply this method? d) Advise your team if the Lower of Cost or Market/Net realizable value is required by GAAP or if it is optional for management to decide.
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