The Specific Identification Method

question 194

Multiple Choice

The specific identification method

• A) cannot be used under GAAP.
• B) cannot be used under IFRS.
• C) must be used under IFRS if the inventory items can be specifically identified.
• D) must be used under IFRS if it would result in the lowest net income.

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Definitions:

Just World

The belief that the world is fundamentally fair and individuals get what they deserve.

Group Polarisation

The tendency for a group to make decisions that are more extreme than the initial inclination of its members.

Intergroup Attribution

Process of assigning the cause of one’s own or others’ behaviour to group membership.

Ultimate Attribution Error

A cognitive bias where people attribute the positive behaviors of their own group to stable, internal characteristics and negative behaviors of out-groups to their inherent characteristics.