Question Details

Accounting for inventories under IFRS is very similar to accounting 


True or false 
1.	If the inventory reported on the statement of financial position is understated, then net income reported on the income statement is understated.
	2.	Accounting for inventories under IFRS is very similar to accounting under GAAP.
	3.	A major difference between IFRS and GAAP is that GAAP specifically prohibits use of the FIFO cost flow assumption.
	4	Inventory turnover is calculated as cost of goods sold divided by ending inventory.
	a5.	If a company uses the FIFO cost assumption, the cost of goods sold for the period will be the same under a perpetual or periodic inventory system.




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