Asked by Carissa Gulli on May 07, 2024
Verified
Specific Identification must be used for inventory valuation where the inventory items are not interchangeable under GAAP ‾ IFRS ‾\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}GAAP IFRS
A) Yes No \begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array} Yes No
B) Yes Yes \begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array} Yes Yes
C) No No \begin{array} { l l l }& \text { No } && \text {No } \\\end{array} No No
D) No Yes \begin{array} { l l l } &\text { No } && \text {Yes }\end{array} No Yes
Specific Identification
An inventory valuation method that tracks the cost of individual items or batches of items throughout the purchasing and sales process.
- Recognize the specific identification method and its application criteria under GAAP and IFRS.
Verified Answer
MD
Learning Objectives
- Recognize the specific identification method and its application criteria under GAAP and IFRS.
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