Which of the Following Is a Required Disclosure for Inventory

question 48

Multiple Choice

Which of the following is a required disclosure for inventory?

• A)Inventory valuation method used (FIFO,LIFO,moving average)and percentage of inventory valued under each method.
• B)LIFO or current cost if the inventory is valued using FIFO.
• C)Type of inventory system used (periodic or perpetual).
• D)All of the above.

---

Definitions:

Great Pyramid

Also known as the Pyramid of Khufu or Cheops, it is the oldest and largest of the three pyramids in the Giza pyramid complex in Egypt.

Gizeh

An archaeological site on the outskirts of Cairo, Egypt, known for the Great Pyramid and the Great Sphinx, dating back to the ancient Old Kingdom.

Interior

Pertaining to the inside or inner part of something, often referring to the design and arrangement of the inside space of buildings or rooms.

Clerestory

The fenestrated part of a building that rises above the roofs of the other parts. The oldest known clerestories are Egyptian. In Roman basilicas and medieval churches, clerestories are the windows that form the nave’s uppermost level below the timber ceiling or the vaults.