ACC 304 Course Great Wisdom / tutorialrank.com ACC 304 Course Great Wisdom / tutorialrank.com | Page 76

b. It usually understates assets.

c. It can increase future income.

d. All of these.

22. The primary basis of accounting for inventories is cost.
A departure from the cost basis of pricing the inventory is
required where there is evidence that when the goods are sold
in the ordinary course of business their