When It Comes to the Treatment of Amortization and Valuation

question 203

Multiple Choice

When it comes to the treatment of amortization and valuation of inventory,generally accepted accounting principles:

• A)provide almost no guidance to accountants.
• B)allow accountants to choose among different methods both for amortization and the valuation of inventory.
• C)require accountants to use only one specific method of amortization,but permit several methods of inventory valuation.
• D)require accountants to use one specific method for valuing inventory,but permit several methods for depreciating fixed assets.

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Definitions:

Superego

The superego is a component of Sigmund Freud's psychoanalytic theory, acting as the moral conscience that incorporates societal standards and norms.

Fun

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Guilt

A feeling of having done something wrong or failed in an obligation.