Which Method Cannot Be Used in Canada to Allocate Inventory

question 36

Multiple Choice

Which method cannot be used in Canada to allocate inventory costs between the income statement and the balance sheet?

• A)Specific identification.
• B)FIFO.
• C)Retail inventory method.
• D)LIFO.

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Definitions:

Cash Discount

A reduction in the price paid for goods or services that is offered to customers who pay in cash rather than using credit.

Net Profit

The amount of money remaining after all operating expenses, taxes, and interest are deducted from total revenue.

Cell Phone Usage

Refers to how individuals use their mobile phones, encompassing a range of activities including calling, texting, internet browsing, and app usage.

Virtual Office

A facility offering companies an official address and office-centric services without requiring them to maintain a fixed physical location.