Provide Answer Whichinventory costingmethod is prohibited underIFRS?a) LIFOb) Weighted averagec) FIFOd) Specific identification

Explanation of LIFO (Last-In, First-Out):LIFO assumes that the most recently purchased or produced…

Answered: Which inventory costing method is…

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter12: Differential Analysis And Product Pricing

Section: Chapter Questions

Problem 11CDQ

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The ability to assign a cost directly to a cost object by means of a causal relationship is a. allocation b. traceability c. separability d. value chain process
List the acceptable cost flow assumptions under IFRS. Be sure to explain the reasoning as to why IFRS find certain cost flow assumptions unacceptable.
Which type of incurred costs are not relevant in decision-making (i.e., they have no bearing on future events) and should be excluded in decision-making? A. avoidable costs B. unavoidable costs C. sunk costs D. differential costs
What conditions are necessary to designate an activity as a cost driver?
Cost classifications used for assigning costs to cost objects include: Multiple Choice Variable cost and fixed cost. Direct cost and indirect cost. Product cost and period cost. Relevant cost and irrelevant cost.
Which type of cost occurs only with the implementation of a particular alternative? O unavoidable O irrelevant O relevant O sunk
For decision making purposes, relevant costs are:a. variable past costsb. all fixed and variable costsc. anticipated future costs that will differ among various alternativesd. costs incurred within the relevant range of productione. Discretionary costs refer to those costs which
Future costs that differ across alternatives are: a. Opportunity costsb. Sunk costsc. Relevant costsd. Variable costs
3. Explain- Agency cost.
For which of the following cost flow methods does generally accepted accounting principles require application of the lower-of-cost-or-market rule? Multiple Choice All of these cost flow methods FIFO Specific identification Weighted average LIFO
An opportunity cost may be described as: a. a foregone benefit. b. a historical cost. c. a specialized type of variable cost. d. a specialized type of fixed cost.
Cost classifications used for predicting cost behavior include: Multiple Choice Variable cost and fixed cost. Direct cost and indirect cost. Product cost and period cost. Relevant cost and irrelevant cost.

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Which inventory costing method is prohibited under IFRS? a) LIFO b) Weighted average c) FIFO d) Specific identification