The Costing of Inventories at Standard Cost for External Financial

question 133

Multiple Choice

The costing of inventories at standard cost for external financial statement reporting purposes is

• A) not permitted.
• B) preferable to reporting at actual costs.
• C) in accordance with generally accepted accounting principles if significant differences exist between actual and standard costs.
• D) in accordance with generally accepted accounting principles if significant differences do not exist between actual and standard costs.

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Definitions:

John Collier

An American social reformer and advocate for the rights of Native Americans, serving as Commissioner for the Bureau of Indian Affairs from 1933 to 1945, where he promoted policies to preserve Native American culture and autonomy.

Bureau of Indian Affairs

A federal agency within the United States tasked with the administration and management of lands and resources for Native American tribes.

Social Worker

A professional dedicated to helping individuals, families, and communities to cope with challenges and improve their well-being.

Federal Development Funds

Financial resources provided by a national government for projects aimed at improving infrastructure, encouraging economic growth, or enhancing social welfare within its jurisdiction.