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Commerce · Q2762

Accounting

Graduate and Post Graduate · Commerce · question 2762

Q2762

LIFO inventory method was used in year I, FIFO in year II and weighted average in year III. Which accounting principle is violated?

A.
Cost principle
B.
Consistency
Answer
C.
Materiality
D.
No principle of accounting is violated

Answer: Option B

Solution

Answer: Option B
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