The Only Acceptable Cost Flow Assumptions Under IFRS Are

question 82

Multiple Choice

The only acceptable cost flow assumptions under IFRS are

• A)FIFO and LIFO.
• B)FIFO and average.
• C)LIFO and average.
• D)FIFO, LIFO and average.

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Definitions:

Labor Law

A body of laws, administrative rulings, and precedents which address the legal rights of, and restrictions on, working people and their organizations.

Efficiency

In an economic context, the optimal allocation and use of resources to achieve the best possible output or outcome with minimal waste.

Equity

The value of an ownership interest in property, including shareholders' equity in a company, which represents the amount of money that would be returned to shareholders if all the assets were liquidated and all the company's debt was paid off.

Voice

A concept referring to the means by which employees can express concerns, grievances, or suggestions within the workplace.