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Generally Accepted Accounting Principles (GAAP) MCQs

What is the general rule for accounting for inventory?

It should be accounted for at fair market value.

It should be accounted for at cost.

It should be accounted for at a set gross margin rate.

The method can vary depending on the nature of the inventory item.

Answer

Correct Answer: It should be accounted for at cost.

Explanation:

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