Which of the Following Statements Is True

question 7

Multiple Choice

Which of the following statements is true?

• A)The last-in, first-out (LIFO)cost flow assumption is an acceptable method for costing inventories in Canada.
• B)Over time, the number of areas where management has a free choice over accounting policies has increased.
• C)A change in accounting policy is an accounting change made at the discretion of management.
• D)Changes in accounting policy occur more frequently than changes in estimates.

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Definitions:

Expensive Pair

Products or items that are costly and often bought together, typically offering complementary benefits or satisfying related needs.

Evoked Set

Comprises the alternative brands or stores that the consumer states he or she would consider when making a purchase decision.

Adidas Shoes

A brand of athletic and casual footwear produced by the German multinational corporation Adidas, known for its sports and lifestyle products.

Consumer Decision Process

A series of steps a buyer goes through before making a purchase decision.