Under International Financial Reporting Standards (IFRS),which of the Following Statements

question 189

Multiple Choice

Under International Financial Reporting Standards (IFRS) ,which of the following statements regarding the lower-of-cost-or-market rule is incorrect?

• A) It is not necessary to record inventory at the lower-of-cost-or-market.
• B) The market value is defined as net realizable value.
• C) If the historical cost is higher than the net realizable value, the inventory must be written down.
• D) The IFRS approach results in fewer write-downs of inventory than U.S. GAAP.

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Screen

The part of an electronic device, such as a smartphone, monitor, or TV, that displays visual output to the user.

Primary Mouse Button

The primary mouse button is typically the left button on a mouse, used to perform most tasks, such as selecting objects and clicking links.

Mouse Operations

Actions performed using a computer mouse, such as clicking, double-clicking, dragging, and scrolling, to interact with software applications.

Touchscreen Capability

The feature of a device that enables user interaction and input through direct touch gestures on its screen, enhancing usability.