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:

Strategy Implementation

The practice of executing plans and strategies to achieve the desired goals and objectives of an organization.

Big Data

Large and complex data sets that traditional data processing software cannot manage effectively, often involving the collection, storage, analysis, and visualization of data.

Artificial Intelligence

The simulation of human intelligence in machines that are programmed to think and learn like humans.

Data Security

The protective measures and protocols put in place to safeguard and protect data from unauthorized access, use, disclosure, disruption, modification, or destruction.