Which of the Following Is Not Considered an Acceptable Inventory

question 1

Multiple Choice

Which of the following is not considered an acceptable inventory cost method according to IFRS?

• A) First-in, first-out.
• B) Last-in, last-out.
• C) Specific cost identification.
• D) Weighted average cost..

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Definitions:

Population

The entire group of individuals or instances about whom the research is focused.

Sampling Error

The difference between a statistic derived from a sample and the corresponding statistic of the entire population, due to chance variation in selecting the sample.

Population

The entire group of individuals or items that a researcher or statistician is interested in studying.

Representative Sample

A fraction of the population that truly represents the attributes of the entire group.