Which Statement Is Correct About Using a Cost Flow Assumption

question 77

Multiple Choice

Which statement is correct about using a cost flow assumption?

• A)This is an assumption about the flow of goods through the various departments in an organization.
• B)This is an assumption about the flow of costs between the income statement and the balance sheet.
• C)There is only one acceptable cost flow assumption under GAAP in Canada.
• D)Specific identification and LIFO are both acceptable cost flow assumptions in Canada.

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Definitions:

Hackman

Refers to J. Richard Hackman, a renowned researcher in organizational behavior, known for his work on team dynamics, leadership, and group effectiveness.

Autonomous

The ability to operate independently, make decisions, and act without the need for external control or reinforcement.

Personality

A collection of emotional, thought, and behavioral patterns unique to an individual that is consistent over time.

Team Effectiveness

The capacity of a team to meet its objectives and achieve its goals in an efficient and satisfying manner, often evaluated by performance outcomes, members' satisfaction, and the ability to continue working together.