Financial Reporting And Analysis - Financial Reporting And Analysis Section 2
66. Which of the following inventory valuation methods is not permitted under IFRS?
- Option : C
- Explanation : The inventory valuation method has a significant impact on the amount allocated to cost of sales and inventory.
68. Which of the following methods requires a separate purchases account?
- Option : B
- Explanation : Goods that are not ordinarily interchangeable and are likely to be segregated are valued using the specific identification method.
- Option : A
- Explanation : Under FIFO, costs of most recent purchases is allotted to ending inventory.
