ASPE and IFRS Do Not Permit Companies to Use LIFO

question 29

Multiple Choice

ASPE and IFRS do not permit companies to use LIFO inventory cost method except for which of the following reason.

• A)If a Canadian public company has foreigners as its majority shareholders.
• B)If a Canadian public company is listed on a US stock exchange.
• C)If a Canadian public company does more than 50% of its business outside Canada.
• D)For all of the above.

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Definitions:

Immunoglobulin

Any of a class of proteins present in the serum and cells of the immune system, which function as antibodies.

Plasma Membrane

The lipid bilayer membrane surrounding a cell that controls the passage of substances in and out, maintaining the cell's internal environment.

Lysozyme

Antibacterial enzyme in body secretions such as saliva and mucus.

Active Immunity

Active immunity refers to the immunity that develops after exposure to an antigen as a result of the immune response, which can occur naturally or through vaccination.