Asked by Zakia Pollard on Jun 14, 2024
Verified
GAAP's provision for ownership of goods (goods-in-transit or consigned goods) as well as which costs to include in inventory as compared to IFRS are: Ownership of goods‾ Costs to include in inventory ‾\begin{array} { l c } \underline {\text { Ownership of goods} } & \underline { \text { Costs to include in inventory } } \\\end{array} Ownership of goods Costs to include in inventory
A) essentially similar essentially similar \begin{array} { l c } \text { essentially similar } & \text { essentially similar } \\\end{array} essentially similar essentially similar
B) essentially different essentially different \begin{array} { l c } \text { essentially different } & \text { essentially different } \\\end{array} essentially different essentially different
C) essentially similar essentially similar \begin{array} { l c } \text { essentially similar } && \text { essentially similar } \\\end{array} essentially similar essentially similar
D) essentially different essentially similar \begin{array} { l c } \text { essentially different } &\text { essentially similar } \end{array} essentially different essentially similar
Ownership Of Goods
The legal right or title to possess and use goods, typically transferring from seller to buyer upon payment.
- Distinguish the similarities and differences in inventory accounting under GAAP and IFRS.
Verified Answer
BD
Learning Objectives
- Distinguish the similarities and differences in inventory accounting under GAAP and IFRS.