The most common approach to implementing the LCNRV or LCM rule for inventory valuation is to apply it to a. inventory items that have increased in value but not to items that have decreased in value. b. each major category of inventory. c. the total inventory in the aggregate. d. each individual item of inventory separately.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.