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GAAP's Provision for Ownership of Goods (Goods-In-Transit or Consigned Goods)  Ownership of goods Costs to include in inventory \begin{array} { l c } \underline {\text { Ownership of goods} } & \underline { \text { Costs to include in inventory } } \\\end{array}

question 35

Short Answer

GAAP's provision for ownership of goods (goods-in-transit or consigned goods) as well as which costs to include in inventory as compared to IFRS are:  Ownership of goods Costs to include in inventory \begin{array} { l c } \underline {\text { Ownership of goods} } & \underline { \text { Costs to include in inventory } } \\\end{array}
A)  essentially similar  essentially similar \begin{array} { l c } \text { essentially similar } & \text { essentially similar } \\\end{array}
B)  essentially different  essentially different \begin{array} { l c } \text { essentially different } & \text { essentially different } \\\end{array}
C)  essentially similar  essentially similar \begin{array} { l c } \text { essentially similar } && \text { essentially similar } \\\end{array}
D)  essentially different  essentially similar \begin{array} { l c } \text { essentially different } &\text { essentially similar } \end{array}


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