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REFERENCE: Ref.11_01 The Following Information Pertains to Inventory Held by a Company

Question 38

Multiple Choice

REFERENCE: Ref.11_01
The following information pertains to inventory held by a company upon December 31,2008. REFERENCE: Ref.11_01 The following information pertains to inventory held by a company upon December 31,2008. -As a result of inventory loss,what is the difference in income between reporting using US GAAP and IFRSs? A) US GAAP income is $1000 higher. B) US GAAP income is $2000 lower. C) IFRSs income is $1000 higher. D) IFRSs income is $1000 lower. E) IFRSs income is $5000 higher.
-As a result of inventory loss,what is the difference in income between reporting using US GAAP and IFRSs?

A) US GAAP income is $1000 higher.
B) US GAAP income is $2000 lower.
C) IFRSs income is $1000 higher.
D) IFRSs income is $1000 lower.
E) IFRSs income is $5000 higher.

Correct Answer: