The use of the lower-of-cost-or-market method of inventory ...

[jessicacav]

The use of the lower-of-cost-or-market method of inventory valuation increases net income for the period in whichthe inventory replacement price declined.
 a. True
  b. False
 
   Indicate whether the statement is true or false

Question 2

All of the following account titles are found in the computerized accounting system of GTV Company. Identify the account that would be a long-term asset.
 
  A) cash
  B) accounts receivable
  C) building
  D) inventory

[eliasc0401]

Answer to Question 1

False

Answer to Question 2

C

[jessicacav]

Thanks for the timely response, appreciate it

[komodo7]

Excellent