Specific Identification

question 153

Multiple Choice

Specific identification

• A) must be used under IFRS if it would result in the most conservative net income.
• B) cannot be used under GAAP.
• C) cannot be used under IFRS.
• D) must be used under IFRS if the inventory items are not interchangeable.

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Definitions:

File System

Defines how data is stored on a drive. Examples of file systems include FAT16, FAT32, exFAT, and NTFS.

NTFS

New Technology File System, a file system used by Windows operating systems designed for storing and accessing files on a hard disk with support for large volumes, encryption, and detailed security permissions.

exFAT

A file system type that improves upon FAT32 by having a theoretical maximum file size of 16 EB, maximum volume size of 64 ZB (but 512 TB is the current limit), smaller cluster sizes than FAT32, and an increased number of files allowed in a directory. Created for external storage media such as flash drives and hard drives for saving images/video.

FAT32

A file system that supports hard drives up to 2 TB in size.