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:

Action Potential

A rapid rise and subsequent fall in voltage or electrical charge across a cellular membrane, the basis for neural communication and muscle contraction.

Afterpotential

Afterpotential is the transient electrical polarization that follows the action potential in nerve cells or muscle fibers, impacting the cell's excitability.

Depolarization

A decrease in the difference in electrical charge across a cell's plasma membrane, making the inside of the cell less negative compared to the outside.

Hyperpolarization

Hyperpolarization is an increase in a cell's membrane potential, making it more negative and less likely to fire an action potential.