Which statement concerning lower of cost or market (lcm) is incorrect? lcm is an example of a company choosing the accounting method that will be least likely to overstate assets and income. under the lcm basis, market does not apply because assets are always recorded and maintained at cost. the lcm basis uses current replacement cost because a decline in this cost usually leads to a decline in the selling price of the inventory item. lcm is applied after one of the cost flow assumptions has been applied.

Match the terms with the appropriate definition. 1. work done for pay job 2. series of related jobs based on knowledge, training, tasks performed, interests, and experience career 3. buying or selling products and services using the internet mediation 4. wage amount after deductions are withheld net wage 5. a way a person chooses to live his or her life e-commerce 6. the people who are both able and willing to work technology 7. unequal treatment of others based on a bias concerning a person’s characteristics such as race, religion, gender, or age discrimination 8. the act of sharing information lifestyle 9. the use of a third party to make suggestions workforce 10. knowledge and tools used to perform tasks communication