The requirement that companies use the same cost flow assumption of all goods of a similar nature is found in $‾\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}$
A) $\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}$
B) $\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}$
C) $\begin{array} { l l l }& \text { No } && \text {No } \\\end{array}$
D) $\begin{array} { l l l } &\text { No } && \text {Yes }\end{array}$

Question

The requirement that companies use the same cost flow assumption of all goods of a similar nature is found in

‾\begin{array} { l l l } & \underline{ \text {GAAP }} & \underline{ \text { IFRS }} \\\end{array}

A)

\begin{array} { l l l } &\text { Yes } & &\text { No } \\\end{array}

B)

\begin{array} { l l l } &\text { Yes } && \text { Yes } \\\end{array}

C)

\begin{array} { l l l }& \text { No } && \text {No } \\\end{array}

D)

\begin{array} { l l l } &\text { No } && \text {Yes }\end{array}

Surabhi Kalra · Accepted Answer

Final Answer : D

Learning Objectives