Which of the Following Inventory Valuation Methods, Commonly Used Under

question 30

Multiple Choice

Which of the following inventory valuation methods, commonly used under the U.S. GAAP, is NOT allowed under IAS 2 (Inventories) ?

• A) LIFO
• B) FIFO
• C) Weighted average
• D) Retail inventory method

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Definitions:

Showmanship

The skill of presenting something, especially a performance, in an attractive manner to captivate the audience.

Silent Benefit

An advantage of a product or service that is not directly advertised or mentioned but is still valued by the consumer.

Product

Any item or service offered to the market for use, consumption, or acquisition to satisfy a need or want.

Curiosity

An eager desire to know or learn about something.