The lower- of- cost- or- market rule is based on accounting:

Name: The lower- of- cost- or- market rule is based on accounting:
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The lower-of-cost-or-market rule is based on the accounting principle of conservatism, which dictates that assets should be recorded at the lower of their cost or market value. This principle ensures that the financial statements are not overstated and that potential losses are recognized in a timely manner.

The Lower- Of- Cost- Or- Market Rule Is Based on Accounting