The Last-In,first-Out (LIFO)costing System Is Permitted Under International Financial Reporting

question 109

True/False

The last-in,first-out (LIFO)costing system is permitted under International Financial Reporting Standards (IFRS).

---

Definitions:

Patent

A legal document granting an inventor exclusive rights to produce, use, and sell their invention for a certain period of time.

Exclusive Right

A legal provision that allows only the holder to perform a specific activity or use a particular property.

Socially Efficient Quantity

The level of production or consumption that maximizes social welfare, taking into account all external costs and benefits.