lower of cost or market value
Definition
Conservative valuation rule of accounting which requires certain types of assets (such as inventory) to be valued either at their historical cost or at the current replacement cost whichever is less. Also called lower of cost and net realizable value, its application is mandated under the provisions of GAAP.
Mentioned in these definitions
Popular 'Accounting & Auditing' Terms
lower of cost or market value in the news
This content can be found on the following page:
http://www.businessdictionary.com/definition/lower-of-cost-or-market-value.html







