Changing the method of valuing inventory ignores the principle of ________. A. Lower of cost or market B. Specific identification C. Consistency D. Ending inventory comes from the most recent purchases

Changing the method of valuing inventory ignores the principle of ________. A. Lower of cost or market B. Specific identification C. Consistency D. Ending inventory comes from the most recent purchases

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 2CYBK

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Question

Changing the method of valuing inventory ignores the principle of ________.

A. Lower of cost or market

B. Specific identification

C. Consistency

D. Ending inventory comes from the most recent purchases

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