Changing the valuation of inventory from LIFO to FIFO is an example of:
A) A change in estimation techniques
B) An accounting concept
C) A change of accounting policy
D) None of the above
Correct Answer:
Verified
Q1: Sales revenue should be recognised when goods
Q2: Which of the following is not an
Q3: Inventory not sold in one period, should
Q5: The historical cost convention
A) fails to take
Q6: A trader bought goods for resale on
Q7: Which of the following is not an
Q8: Which of the following is not an
Q9: The accounting concept which tends to understate
Q10: At the end of the accounting period
Q11: At the end of the accounting period
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