Which of the Following Statements Is False

question 5

Multiple Choice

Which of the following statements is false?

• A) Members of the IFRIC are appointed by the IASB.
• B) The IFRS Advisory Council provides strategic advice to the IASB.
• C) Compliance with IASB standards includes compliance with interpretations issued by IFRIC.
• D) IFRS Foundation Trustees appoint members of both IASB and IFRS Advisory Council.

---

Definitions:

Direct Materials

Raw materials that are directly traceable and allocable to the production of specific goods or services.

Bottling Department

A specific section within a manufacturing process focused on the filling of containers with liquids for distribution and sale.

Work in Process

Inventory that includes all partially completed goods that are still in the process of production.

Equivalent Unit

A measurement used in process costing that quantifies the amount of materials or labor required to produce a single unit of output in mixed or partial stages of completion.