The use of inventory information to improve stock control procedures is an example of intangible value of information Select one: True False
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- In which of the following Inventory techniques are the stock taking done either regularly or continuously? a. JIT Control System b. Perpetual Inventory System c. V E D Analysis d. A.B.C Analysis1. Cost of goods sold + ending inventory equals? 2. Stock card is necessary in what system? A. Perpetual periodic system B. Periodic inventory system C. All of the above D. All of the above. Please answer it completelyWhat is the measurement value of inventory? Select one: a. Expected Value b. Fair Value c. Depreciated Value d. Current Value
- Demonstrate how the inventory cost flow assumption utilized might have an impact on liquidity measurements.Explain briefly the application of the LCM rule to ending inventory. Describe its effect on the balance sheet andincome statement when market is lower than costThe application of the lower of cost or market rule to inventory valuation is an example of a. the revenue realization principle b. the going concern assumption c. special industry practices d. conservatism
- Inventory should be measured at lower of fair value and net realizable value of the inventory. Select one: True O FalseWhich method results in a balance sheet valuation of inventory method farthest away from its economic value? Select one: a. FIFO b. LIFO c. Weighted Average PreviousSave AnswersNextWhich inventory cost flow assumption does IFRS not allow? a. Specific identification. b. FIFO. c. LIFO. d. Average cost.
- Briefly contrast the accounting procedures in perpetual andperiodic inventory systems.Which of the following, if compared to the other methods for valuing inventory, has a material difference? A. LIFO B: FIFO C: Weighted Average D: Specific Identification.Under IFRS, which of the following methods is not acceptable for the valuation of inventory? a. LIFO. b. FIFO. c. Average cost. d. Specific identification