Which Inventory Method Is Not Allowed Under IFRS

question 1

Multiple Choice

Which inventory method is not allowed under IFRS?

• A)FIFO
• B)LIFO
• C)Lower of Cost and Market Method
• D)Periodic inventory method

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Definitions:

Grievances

Complaints or disputes workers bring forward concerning violations of their rights or dissatisfaction with conditions of their employment.

Compulsory Arbitration

A legal requirement for disputes, especially labor disputes, to be settled by an impartial arbitrator whose decision is final and binding.

Senior Employee

An employee who holds a higher rank within an organization, often because of longer tenure or greater experience.

Promotion Decisions

Promotion decisions are the determinations made within an organization regarding the advancement of employees to higher positions, based on criteria like performance, seniority, and organizational needs.