Which Statement Is Not True About the Gross Profit Method

question 11

Multiple Choice

Which statement is not true about the gross profit method of inventory valuation?

• A) It may be used to estimate inventories for interim statements.
• B) It may be used to estimate inventories for annual statements.
• C) It may be used by auditors.
• D) It may be used when fire or other catastrophe destroys the inventory.

---

Definitions:

Consciousness

The faculty of recognizing and analyzing one's existence, sensory perceptions, mental activities, environment, and events in one's life.

Hypnosis

A psychological therapy involving focused attention, reduced peripheral awareness, and an enhanced capacity to respond to suggestion.

Foot Pain

A discomfort in any part of the foot, often resulting from injury, illness, or stress on the foot structures.

Better Memory

Refers to the improved ability to recall or recognize information, which can be enhanced through various memory training techniques and cognitive exercises.