Question: Which inventory cost formula is no longer permitted under IFRS and ASPE? First-In, First-Out (FIFO) Last-In, First-Out (LIFO) Specific Identification Weighted Average Cost In which

  1. Which inventory cost formula is no longer permitted under IFRS and ASPE?

First-In, First-Out (FIFO)

Last-In, First-Out (LIFO)

Specific Identification

Weighted Average Cost

  1. In which inventory system does a business continuously track changes in the inventory account?

Perpetual

Periodic
  1. Under Fair-Value thru Other Comprehensive Income (FV-OCI); when a debt investment is sold and once the holding gains and losses are realized, how are they accounted for?

With recycling

Without recycling

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