Changing from the LIFO (Last- In, First- Out)to Specific- Identification

question 126

Multiple Choice

Changing from the LIFO (Last- In, First- Out) to specific- identification method of valuing inventory ignores the:

• A)Principle of comparability.
• B)Concept of materiality.
• C)Principle of relevance.
• D)Principle of conservatism.

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Definitions:

Steadily Increased

A consistent and continuous rise in the level, amount, or value of a certain metric or entity over time.

Fluctuated

Describes a process or value that has experienced changes, typically up and down, over a period of time.

Income Inequality

An imbalanced dispersion of income among participants in an economy on a household or individual basis.

Technological Innovation

The process of developing new technologies or improving existing ones to enhance productivity, efficiency, or overall value.