When Using FIFO for Inventories,market Value Generally Refers to ________

question 62

Multiple Choice

When using FIFO for inventories,market value generally refers to ________ under U.S.GAAP and ________ under IFRS.

• A)current replacement cost;historical cost
• B)historical cost;net realizable value
• C)historical cost;current replacement cost
• D)net realizable value;net realizable value

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Definitions:

Property Rights

Legal rights defining the ownership and use of resources including land, intellectual property, and personal assets.

Public Good

A product or service that is provided without profit to all members of a society, either by the government or a private individual or organization.

National Defense

The governmental provision of military forces and facilities intended to secure the nation against all potential enemies.

Government-Run

Entities, operations, or programs managed and operated by a government entity or its agents.