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.

---

Definitions:

Trojan

A type of malicious software or malware that is often disguised as legitimate software, used by hackers to gain unauthorized access to a user's system.

Key Logger

A tool that records every keystroke made by a computer user, often used for surveillance or malicious purposes.

Online Affair

An emotional or sexual relationship initiated and maintained primarily through internet communication, often considered infidelity.

Deny Guilt

The act of a defendant in a legal case asserting their innocence in response to accusations or charges against them.