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:

Mnemonics

Memory aids, often involving patterns or associations, such as phrases or rhymes, that facilitate the recall of information.

Peg Methods

Mnemonic techniques for memory enhancement in which items to be remembered are associated with a list of peg words known in a specific order.

Verbal Organizations

Structures and procedures for arranging words and phrases systematically to create meaningful language or discourse.

Working Memory

An intelligence system with limited abilities, focused on short-term maintenance of information for processing activities.