International Financial Reporting Standards (IFRS)do Not Permit the Use of the LIFO

question 40

True/False

International Financial Reporting Standards (IFRS)do not permit the use of the LIFO inventory cost flow method.

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Definitions:

Transaction

An exchange or transfer of goods, services, or funds between two or more parties.

Account Type

A classification used in accounting to differentiate various types of financial records, such as assets, liabilities, equity, revenues, and expenses.

Profitable

A financial condition where income exceeds expenses resulting in a net gain.

Accounting Equation

The fundamental formula in accounting that states that assets equal liabilities plus equity.