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please do for me these multiple choise quastions OU JUU lidl LIPU. C J lower income tax expense than LIFO. d. lower net purchases than

please do for me these multiple choise quastions image text in transcribed
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OU JUU lidl LIPU. C J lower income tax expense than LIFO. d. lower net purchases than LIFO. 25 Under IFRS, companies can choose which inventory system? LIFO FIFO a. Yes b. Yes C No d. No No Yes Yes No GAAP's definition for inventory and provision of guidelines for inventory accounting, as compared to IFRS are: Guideliness for Definitions for Inventory inventory accounting @ essentially similar b. essentially different c. essentially similar d. essentially different more detailed more detailed less detailed less detailed Inventories are defined by IFRS as a held-for-sale in the ordinary course of business. b. in the process of production for sale in the ordinary course of business c. in the form of materials or supplies to be consumed in the production process or in the providing of services. d) All of these answers are correct. 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 a, essentially similar b. essentially different essentially similar d. essentially different essentially similar essentially different essentially different essentially similar 410 The only acceptable cost flow assumptions under IFRS are a FIFO and LIFO. FIFO and average. C. LIFO and average. d. FIFO, LIFO and average

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