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GAAP vs

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Questions and Answers

Under IFRS, which inventory cost method is banned?

Last in, first out (LIFO) (correct)

Weighted average cost

Specific identification method

First in, first out (FIFO)

What is the primary difference between IFRS and GAAP in terms of their approach?

IFRS is rules-based, while GAAP is standards-based

IFRS is standards-based, while GAAP is rules-based (correct)

IFRS is used primarily in the U.S., while GAAP is used internationally

GAAP is more dynamic, while IFRS is more static

What is a characteristic of IFRS in response to the financial environment?

It is regularly being revised (correct)

It is primarily used in the U.S.

It allows the use of LIFO

It is more static

What is a challenge faced by accounting professionals in the rapidly changing world?

Adapting to new opportunities and technologies Signup and view all the answers

Which system allows companies to use either FIFO or LIFO as an inventory cost method?

GAAP Signup and view all the answers

What does inventory management primarily handle?

Forecasting and ordering stock Signup and view all the answers

What is the main focus of inventory control?

Handling the stock on-hand Signup and view all the answers

What is the key aspect of inventory management in the supply chain?

Ensuring sufficient stock on hand for customer orders Signup and view all the answers

What does inventory management help businesses identify?

Which stock to order, how much to order and when Signup and view all the answers

What practice does inventory management involve?

Tracking the lifecycle of raw and finished goods Signup and view all the answers