Which of the following accounts is credited in the loss method of writing-down of inventory to its market value?
A) Inventory
B) Loss Due to Decline of Inventory to market
C) Cost of Goods Sold
D) Allowance to Reduce Inventory to Market

Question

Quizplus · Accepted Answer

In the loss method, the "Allowance to Reduce Inventory to Market" account is credited to reflect the reduction in inventory value.

Which of the Following Accounts Is Credited in the Loss