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 ‾ \begin{array} { l c } \underline { ext { Ownership of goods} } & \underline { ext { Costs to include in inventory } } \\end{array} Ownership of goods Costs to include in inventory A) essentially similar essentially similar \begin{array} { l c } ext { essentially similar } & ext { essentially similar } \\end{array} essentially similar essentially similar B) essentially different essentially different \begin{array} { l c } ext { essentially different } & ext { essentially different } \\end{array} essentially different essentially different C) essentially similar essentially similar \begin{array} { l c } ext { essentially similar } & & ext { essentially similar } \\end{array} essentially similar essentially similar D) essentially different essentially similar \begin{array} { l c } ext { essentially different } & ext { essentially similar } \end{array} essentially different essentially similar

Question

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  ‾ \begin{array} { l c }  \underline {	ext { Ownership of goods} }  &  \underline { 	ext { Costs to include in inventory } } \\end{array}  Ownership of goods ​ ​  Costs to include in inventory  ​ ​ A)   essentially similar   essentially similar  \begin{array} { l c } 	ext {  essentially similar }  &  	ext { essentially similar } \\end{array}  essentially similar  ​  essentially similar  ​ B)   essentially different   essentially different  \begin{array} { l c } 	ext { essentially different }  &  	ext { essentially different } \\end{array}  essentially different  ​  essentially different  ​ C)   essentially similar   essentially similar  \begin{array} { l c } 	ext {  essentially similar }  & &  	ext { essentially similar } \\end{array}  essentially similar  ​ ​  essentially similar  ​ D)   essentially different   essentially similar  \begin{array} { l c } 	ext {  essentially different }  & 	ext { essentially similar } \end{array}  essentially different  ​  essentially similar  ​

Brianna DeWitt · Accepted Answer

Final Answer : A

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