When accounting for inventory, the Canada Revenue Agency requires the use of which of the following inventory cost flow method?

Question

Quizplus · Accepted Answer

The Canada Revenue Agency (CRA) requires the use of the inventory cost flow method that presents the truest picture of the taxpayer's income. This approach allows for flexibility in choosing an inventory accounting method, as long as it accurately reflects income.

When Accounting for Inventory, the Canada Revenue Agency Requires the Use