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Which accounting standard allows the use of LIFO for inventory valuation?

Practice Questions

1 question
Q1
Which accounting standard allows the use of LIFO for inventory valuation?
  1. IFRS
  2. GAAP
  3. Both IFRS and GAAP
  4. Neither IFRS nor GAAP

Questions & Step-by-step Solutions

1 item
Q
Q: Which accounting standard allows the use of LIFO for inventory valuation?
Solution: GAAP allows the use of LIFO for inventory valuation, while IFRS does not.
Steps: 0

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