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stion Completion Status: QUESTION 11 Which of the following is true about U.S. GAAP and...

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Accounting

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stion Completion Status: QUESTION 11 Which of the following is true about U.S. GAAP and IFRS regarding the use of lower of cost or net realizable value (LCNRV)? OA IFRS allows the application of individual items, category or total inventory when applying NCNRV. B. A reversal of a write-down is not permitted under U.S. GAAP. LCNRV is usually applied to total inventory under U.S. GAAP, although using category is allowed oc under certain circumstances. D. All of the above are true. QUESTION 12 Garcis Company uses a periodic inventory system and the gross method of accounting for cash discounts. On January 2, Garcia purchases $1,000 of merchandise inventory with terms of 1/10, 1/30. On January 10, Garcia pays the amount owed from the purchase on January 2. MacBook Pro 18900000

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