Which One of the Following Equations Is Properly Balanced?
A) $\to$

question 67

Multiple Choice

Which one of the following equations is properly balanced?

• A) Sn + 4HNO₃ \(\to\)SnO₂ + 4NO₂ + 2H₂O
• B) 2Na₂SO₄ + 3Bi(NO₃)₃ \(\to\) Bi₂(SO₄)₃ + 9NaNO₃
• C) CH₃CHO + 3O₂ \(\to\) 2CO₂ + 2H₂O
• D) NH₄NO₃ \(\to\) 2H₂O + N₂
• E) Na₂CO₃ + 2H₂SO₄ \(\to\)Na₂SO₄ + 2H₂O + CO₂

Understand the implications of LIFO and FIFO cost flow assumptions under GAAP and IFRS.

Determine the appropriate inclusion or exclusion of items in physical inventory counts.

Explain the concepts of lower-of-cost-or-market and net realizable value and their application in inventory valuation.

Assess the requirements for consistent application of inventory cost flow assumptions.

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