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Determine the actual cost of a particular inventory item

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Reference no: EM132641844

Problem 1: The accounting principle that assumes that a company will operate in the foreseeable future is:

A. Liquidity.
B. Disclosure.
C. Going concern.
D. Objectivity.

Problem 2: In which of these inventory approaches is it important to determine the actual cost of a particular inventory item being sold in order to determine cost of goods sold?

A. FIFO
B. Specific identification
C. Average cost
D. LIFO

Reference no: EM132641844

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