A major difference between GAAP and IFRS with respect to accounting for inventories is: a)guidelines on ownership of goods. b)costs to include in inventories. c)the use of LIFO cost flow assumption. d) the use of LCNRV.

A major difference between GAAP and IFRS with respect to accounting for inventories is: a)guidelines on ownership of goods. b)costs to include in inventories. c)the use of LIFO cost flow assumption. d) the use of LCNRV.

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter7: Allocating Costs Of Support Departments And Joint Products

Section: Chapter Questions

Problem 2DQ: Why must support service costs be assigned to products for purposes of inventory valuation?

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Question

25) A major difference between GAAP and IFRS with respect to accounting for inventories is:

a)guidelines on ownership of goods.

b)costs to include in inventories.

c)the use of LIFO cost flow assumption.

d) the use of LCNRV.

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