Specific Identification Can Be Used for Inventory Valuation Under $\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}$

question 146

Short Answer

Specific Identification can be used for inventory valuation under $\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}$
A) $\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}$
B) $\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}$
C) $\begin{array} { l l l }& \text { No } && \text {No } \\\end{array}$
D) $\begin{array} { l l l } &\text { No } && \text {Yes }\end{array}$

• A)\(\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}\)
• B)\(\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}\)
• C)\(\begin{array} { l l l }& \text { No } && \text {No } \\\end{array}\)
• D)\(\begin{array} { l l l } &\text { No } && \text {Yes }
• \end{array}\)

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Definitions:

Resource Markets

Resource markets are venues where resources or factors of production (such as labor, capital, and raw materials) are bought and sold, influencing the allocation and distribution of resources in an economy.

Marginal Productivity Theory

An economic principle stating that the addition of a unit of labor or capital increases output to a point, but eventually, additional units will add less output.

Marginal Productivity Theory

An economic theory suggesting that the wage or value of a worker's labor is equal to the additional output generated by employing one more unit of labor.

Income Distribution

Describes how a nation’s total GDP is spread among its population, affecting the economic health and inequality levels within society.