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Which of the following are prohibited when accounting for inventory under U.S. GAAP? a. FIFO method b. Average cost method c. Recovery of written down inventory d. LIFO method   2. Under IFRS GAAP research costs and development costs (when product technologically and economically feasible) are

Which of the following are prohibited when accounting for inventory under U.S. GAAP? a. FIFO method b. Average cost method c. Recovery of written down inventory d. LIFO method   2. Under IFRS GAAP research costs and development costs (when product technologically and economically feasible) are

Intermediate Accounting: Reporting And Analysis
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter8: Inventories: Special Valuation Issues
Section: Chapter Questions
Problem 10GI: What are the exceptions to historical cost valuation of inventory allowed under generally accepted...
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1. Which of the following are prohibited when accounting for inventory under U.S. GAAP?

a. FIFO method

b. Average cost method

c. Recovery of written down inventory

d. LIFO method

 

2. Under IFRS GAAP research costs and development costs (when product technologically and economically feasible) are

a. both capitalized

b. both expensed

c. research costs are expensed and development costs are capitalized

d. research costs are capitalized and development costs are expensed

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