Which Method of Inventory Costing Is Not Acceptable for Financial

question 56

Multiple Choice

Which method of inventory costing is not acceptable for financial accounting purposes?

• A) Specific identification
• B) FIFO
• C) LIFO
• D) Retail cost

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Definitions:

Contributory Benefit

A type of financial assistance that individuals receive based on their previous contributions to a welfare system, typically through taxes or specific insurance schemes.

Performance Incentives

Rewards linked to the accomplishment of specific performance targets or objectives designed to motivate and reward employees.

Motivators

Factors or incentives that stimulate people's interest or enthusiasm for doing something, often linked to job satisfaction and performance.

Favourable Tax

Tax regulations or policies that are advantageous to individuals or businesses, often resulting in reduced tax liabilities.