Which Statement Is Correct About Using a Cost Flow Assumption

question 29

Multiple Choice

Which statement is correct about using a cost flow assumption?

• A)An organization must use the same cost flow assumption as other organizations in its industry.
• B)There is only one acceptable cost flow assumption under GAAP in Canada.
• C)In Canada, organizations can use the FIFO or weighted average cost flow assumptions.
• D)In Canada, organizations can use the FIFO, LIFO or weighted average cost flow assumptions.

Understand the components and processes involved in effective listening.

Identify and apply different verbal responses to convey empathy.

Recognize the role of nonverbal behavior in communication and its interpretation.

Utilize verbal techniques such as clarification, paraphrasing, reflection, and summarization to enhance understanding and empathy in communication.

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Definitions:

Normal Wage

The standard or average amount of pay that workers receive for their labor in a specific job or industry.

Petty Cash Fund

Cash kept on hand in the office for small purchases.

Office Furniture

Items of furniture designed for use in a workplace environment, including desks, chairs, and file cabinets.

Medications

Substances used to treat or prevent diseases and conditions.