The Specific Identification Method

question 194

Multiple Choice

The specific identification method

• A) cannot be used under GAAP.
• B) cannot be used under IFRS.
• C) must be used under IFRS if the inventory items can be specifically identified.
• D) must be used under IFRS if it would result in the lowest net income.

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Definitions:

Sampling Error

The difference between a sample statistic used to estimate a population parameter and the actual but unknown value of the parameter.

Generalizability

The extent to which findings from a study can be applied to larger populations or different contexts beyond the original study conditions.

Statistic

A numerical value that describes a sample characteristic, obtained from data analysis.

Sample

A subset of a population selected for measurement, observation, or questioning to provide statistical information about the population.