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Term: Accounting -> Lower of Cost or Market
Term:

Lower of Cost or Market

Definition:

Valuing assets for financial reporting purposes. Ordinarily, "cost" is the purchase price of the asset and "market" refers to its current replacement cost. Generally Accepted Accounting Principles (GAAP) requires that certain assets (e.g., inventories) be carried at the lower of cost or market.

Related terms:

Budget Review

Plan

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