Inventory Accounting Under IFRS Differs from GAAP in Regard to

question 60

Multiple Choice

Inventory accounting under IFRS differs from GAAP in regard to

• A) neither the use of LIFO nor lower-of-cost-or-net realizable value.
• B) the use of LIFO but not lower-of-cost-or-net realizable value.
• C) the use of lower-of-cost-or-net realizable value but not LIFO.
• D) the use of LIFO and lower-of-cost-or-net realizable value.
• IFRS:

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Definitions:

ROM

Read-Only Memory, a type of non-volatile storage media that is programmed with data that cannot be modified, or that can only be modified slowly or with difficulty.

Cache Memory

A small-sized type of volatile computer memory that provides high-speed data access to the processor and stores frequently used computer programs, applications, and data.

Boot

The process of starting up a computer from a powered-down or off state, involving the loading and initialization of the operating system.

Innovation

The process of creating new ideas, products, or methods, often leading to improvements or significant changes in a particular field.