The lower-of-cost -or market rule is an example of:
(A) Matching
(B) Consistency
(C) Conservatism
(D) Going concern
Answer (C): Conservatism
Explanation: The conservatism concept is an idea in bookkeeping that alludes to the possibility that costs and liabilities ought to be recorded or recognised quickly in a circumstance where there is a vulnerability about the conceivable result and conversely, record resources and incomes just when they are guaranteed to be gotten.