Inventory Accounting Under IFRS Differs from GAAP in Regard to

question 61

Multiple Choice

Inventory accounting under IFRS differs from GAAP in regard to

• A)neither the use of LIFO nor lower-of-cost-or-market.
• B)the use of LIFO but not lower-of-cost-or-market.
• C)the use of lower-of-cost-or-market but not LIFO.
• D)the use of LIFO and lower-of-cost-or-market.

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Definitions:

Material

Important. In securities law, a fact is material if a reasonable person would consider it important in his decision to purchase shares or to vote shares.

Rescind

To withdraw, negate, or overturn a law, order, or agreement.

Asserted

Stated with confidence or declared strongly, typically without providing evidence or proof.

Concealment

The act of hiding or withholding information or facts intentionally.