LIFO Can Be Used

question 136

Multiple Choice

LIFO can be used

• A)under neither GAAP nor IFRS.
• B)under IFRS but not GAAP.
• C)under GAAP but not IFRS.
• D)under both GAAP and IFRS.

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Definitions:

Recognition

The cognitive process of identifying a previously encountered entity or information.

Explicit Memory

Explicit memory involves conscious recollection of specific facts and events that can be verbally described, also known as declarative memory.

Associations

Connections or relationships between thoughts, ideas, or concepts in the mind.

Brain Damage

Injury or destruction of brain tissue resulting from illness, trauma, or other conditions, potentially affecting physical and cognitive abilities.