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 October 1, 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 October 1, 2026). |
| Harvard | Barry Goldsmith 2010, lower of cost or market, Smart Define, viewed 1 October, 2026, <http://smartdefine.org/lower_of_cost_or_market/definitions/1157617>. |
| MLA | Barry Goldsmith. "lower of cost or market" 21 October 2010. Web. 1 October 2026. <http://smartdefine.org/lower_of_cost_or_market/definitions/1157617> |