AASB 102 prohibits the use of the LIFO method. What is the argument against the use of
Question:
AASB 102 prohibits the use of the LIFO method. What is the argument against the use of LIFO?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (2 reviews)
AASB 102 does not provide a specific argument against the use of LIFO althou...View the full answer
Answered By
Somshukla Chakraborty
I have a teaching experience of more than 4 years by now in diverse subjects like History,Geography,Political Science,Sociology,Business Enterprise,Economics,Environmental Management etc.I teach students from classes 9-12 and undergraduate students.I boards I handle are IB,IGCSE, state boards,ICSE, CBSE.I am passionate about teaching.Full satisfaction of the students is my main goal.
I have completed my graduation and master's in history from Jadavpur University Kolkata,India in 2012 and I have completed my B.Ed from the same University in 2013. I have taught in a reputed school of Kolkata (subjects-History,Geography,Civics,Political Science) from 2014-2016.I worked as a guest lecturer of history in a college of Kolkata for 2 years teaching students of 1st ,2nd and 3rd year. I taught Ancient and Modern Indian history there.I have taught in another school in Mohali,Punjab teaching students from classes 9-12.Presently I am working as an online tutor with concept tutors,Bangalore,India(Carve Niche Pvt.Ltd.) for the last 1year and also have been appointed as an online history tutor by Course Hero(California,U.S) and Vidyalai.com(Chennai,India).
4.00+
2+ Reviews
10+ Question Solved
Related Book For
Question Posted:
Students also viewed these Business questions
-
The New York Department of Educations e-mail policy prohibits the use of the e-mail system for unofficial purposes, except that officials of the New York Public Employees Federation (PEF), the union...
-
A physician practice wants to employ a nurse practitioner. The practice believes she will be a dynamite addition and make tons of referrals to the practice. They offer her a W-2 position with...
-
The LIFO method assumes that the costs of the latest items bought or produced are matched against current sales. Usually, this assumption materially improves the matching of current costs against...
-
Kim Barth decides to start a small restaurant near a busy shopping mall. She applies for a loan of $150,000, to be repaid in five annual installments, with each installment due at the end of each of...
-
Stans Southern Barbeque Supply Store orders mass-produced barbecue products from various suppliers. Stans maintains information about a contact person at each supplier along with all required address...
-
Begin with the \(A R(1)\) model as in equation (8.1). a. Take variances of each side of equation (8.1) to show that \(\sigma_{y}^{2}\left(1-\beta_{1}^{2} ight)=\) \(\sigma^{2}\), where...
-
Rodgers Corporation reported basic earnings per share of $1.25 for the year ended December 51, 2016. Rodgers had 8,000 shares of cumulative, nonconvertible $100 par, 12% preferred stock outstanding...
-
A Describe the relationship between a and b that will make the value of the expression 7x equal to 7.
-
The following six-column table for Solutions Co. includes the unadjusted trial balance as of December 31, 2013. Required 1. Complete the six-column table by entering adjustments that reflect the...
-
Shelley Ltd starts selling bowling balls in 2021. Although each ball looks the same, the unit cost of manufacture (which is done in batches) has fluctuated during the period. Shelley Ltd adopts a...
-
Moondoggie Ltd holds four lines of inventory. The total production costs of each item are shown below. Apart from the production costs, estimates of future packaging costs and transportation costs...
-
You own a $1000 par zero-coupon bond that has 5 years of remaining maturity. You plan on selling the bond in one year and believe that the required yield next year will have the following probability...
-
Jaina's donations to church and other charities were $3,550. Her medical and dental expenses exceeding 12 percent of adjusted gross income were $570. Her state income tax was $980, and her...
-
A trader collects the below information to devise his forex management strategy during the next year: Spot Rate of USD: INR 74.40 Interest rates in USA: 2.5% Interest rates in India: 6.5% What is...
-
US bank invested $10 million in GBP. The spot rate was $1,35/. The GBP/USD daily FX rate changes follow normal distribution with mean value of 0 and standard deviation of 70 basis points, so 1% of...
-
Stobin's Toys has decided to expand by opening 25 new stores. Yesterday Stobin's Toys paid a dividend of $1.25. Stobin's Toys earned $75 after flotation costs. If Stobin's cost of issuing these...
-
How can citizen science initiatives and community-based conservation efforts be leveraged to enhance public awareness, engagement, and empowerment in safeguarding global biodiversity resources for...
-
Maui Jane Sunglasses sell for about $150 per pair. Suppose the company incurs the following average costs per pair: Direct...
-
You are standing at x = 9.0 km and your assistant is standing at x = 3.0 km. Lightning bolt 1 strikes at x = 0 km and lightning bolt 2 strikes at x = 12.0 km. You see the flash from bolt 2 at t = 10...
-
At Reyes Company, checks are not prenumbered because both the purchasing agent and the treasurer are authorized to issue checks. Each signer has access to unissued checks kept in an unlocked file...
-
Tasha Orin is unable to reconcile the bank balance at January 31. Tashas reconciliation is shown here. Cash balance per bank ....... $3,677.20 Add: NSF check ......... 450.00 Less: Bank service...
-
At April 30, the bank reconciliation of Silvestre Company shows three outstanding checks: No. 254 $650, No. 255 $ 700, and No. 257 $410. The May bank statement and the May cash payments journal are...
-
Two speeding lead bullets, one of mass 13.0 g moving to the right at 320 m/s and one of mass 7.95 g moving to the left at 385 m/s, collide head-on, and all the material sticks together. Both bullets...
-
Aca Pool Co . needs to order the following goods from Deakin Pool Supplies, vendor code V 1 5 , Kansas City, MO , and receive them on July 1 1 , 2 0 2 1 , in accordance with purchase requisition...
-
1. "Businesses are feeling the impact of the war in Ukraine. Risk managers update their risk profiles due to supply chain disruptions, economic sanctions, and even displaced workforce. These issues...
Study smarter with the SolutionInn App