Valuing ASSETS for financial reporting purposes. Ordinarily, "cost" is the purchase price of the asset and "market" refers to its current replacement cost. GENERALLY ACCEPTED ACCOUNTING PRINCIPLES (GAAP) requires that certain assets (e. G., INVENTORIES) be carried at the' Lower of Cost or Market'.
Barry Goldsmith
| APA | Barry Goldsmith. (2010). lower of cost or market. Retrieved September 27, 2026, from http://smartdefine.org/lower_of_cost_or_market/definitions/1157617 |
| Chicago | Barry Goldsmith. 2010. "lower of cost or market" http://smartdefine.org/lower_of_cost_or_market/definitions/1157617 (accessed September 27, 2026). |
| Harvard | Barry Goldsmith 2010, lower of cost or market, Smart Define, viewed 27 September, 2026, <http://smartdefine.org/lower_of_cost_or_market/definitions/1157617>. |
| MLA | Barry Goldsmith. "lower of cost or market" 21 October 2010. Web. 27 September 2026. <http://smartdefine.org/lower_of_cost_or_market/definitions/1157617> |