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Basic Question 19 of 24
Which method matches the physical flow of the specific inventory items sold to their actual historical cost?
B. FIFO
C. Weighted average method
D. LIFO
A. Specific identification method
B. FIFO
C. Weighted average method
D. LIFO
User Contributed Comments 6
| User | Comment |
|---|---|
| weehongw | what is a specific identification method? |
| reganbaha | it's the method where you specifically identify things |
| gill15 | What's specific identification method? Method where you specifically identify things. Funniest answer EVER. |
| vatsal92 | Haha @reganbaha! Specific identification method is the method in which unit sold is matched with unit's cost. |
| Inaganti6 | If you got this question wrong there's no hope for you. |
| ashish100 | ^ don't listen to this guy. |
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Martin Rockenfeldt
Learning Outcome Statements
describe general principles of expense recognition, specific expense recognition applications, implications of expense recognition choices for financial analysis and contrast costs that are capitalized versus those that are expensed in the period in which they are incurred
CFA® 2024 Level I Curriculum, Volume 2, Module 2.