Question: Gantner Company uses these accounting practices: (a) Inventory is reported at cost when market value is lower. (b) Small tools are recorded as plant assets

Gantner Company uses these accounting practices:
(a) Inventory is reported at cost when market value is lower.
(b) Small tools are recorded as plant assets and depreciated.
(c) The income statement shows paper clips expense of $10.
Indicate the accounting constraint, if any, that each practice has violated.

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