Question: Question Content Area On their year - end balance sheet, Playground Equipment Corporation has reported its inventory at market value, which is greater than cost.

Question Content Area

On their year

-

end balance sheet, Playground Equipment Corporation has reported its inventory at market value, which is greater than cost. As a result of this procedure, a gain is recognized on the company's income statement. Which accounting assumptions and

/

or principles have been violated?

.

Conservatism, historical cost, revenue recognition

.

Matching, consistency, historical cost

.

Materiality, consistency

.

Reporting entity, disclosure

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