A Company Can Have a Liability Even If the Amount

question 151

True/False

A company can have a liability even if the amount of the obligation is unknown.

Comprehend safeguarding measures for inventory control.

Understand the limitations and prohibitions of certain cost flow assumptions under international financial reporting standards (IFRS).

Identify and apply various inventory cost flow assumptions (FIFO, LIFO, Weighted Average).

Calculate cost of goods sold, gross profit, and ending inventory under different cost flow methods.

---

Definitions:

Polyunsaturated

Referring to a type of fat found in fats and oils containing more than one double bond in their fatty acid chains, beneficial for heart health.

Double Covalent Bonds

Chemical bonds where two pairs of electrons are shared between atoms, resulting in a stronger and more stable bond than a single covalent bond.

Carbohydrates

Organic compounds consisting of carbon, hydrogen, and oxygen, typically found in sugars, starches, and cellulose, serving as a major energy source in the diet of animals.

Starches

Complex carbohydrates that are composed of many glucose units joined together, found in foods like potatoes, rice, and wheat.