CFA Practice Question

There are 520 practice questions for this study session.

CFA Practice Question

Which of the following flow assumptions is not acceptable under generally accepted accounting principles?
A. FIFO/LIFO
B. Next-in, first-out
C. Average cost

User Contributed Comments 4

User Comment
pjdeschenes Isn't next-in, first-out the same as LIFO?
hannovanwyk Note that this is different for IAS.
thekobe this is the case of perpetual inventory
CJPerugini Welp, my assumption was wrong. Last means the cost of the last item. Next means the cost to replace the item.
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