13IFRS Multiple Choice Question 232
Under IFRS, companies can choose which inventory system?
LIFO FIFO
Yes No
Yes Yes
No Yes
No No
14Multiple Choice Question 123
The lower-of-cost-or-market (LCM) basis may be used with all of the
following methods except
FIFO.
LIFO.
The LCM basis may be used with all of these.
average cost.
15Multiple Choice Question 161
Inventory items on an assembly line in various stages of production
are classified as
Raw materials.