Question

The example of accounting policy is ---------

Answer 1

Answer:

Accounting policies can be used to legally manipulate earnings. For example, companies are allowed to value inventory using the average cost, first in first out (FIFO), or last in first out (LIFO) methods of accounting. ... If it uses LIFO, its cost of goods sold is: (10 x $12) + (5 x $10) = $170

Answer 2

Answer:

Accounting policies can be used to legally manipulate earnings. For example, companies are allowed to value inventory using the average cost, first in first out (FIFO), or last in first out (LIFO) methods of accounting. ... If it uses LIFO, its cost of goods sold is: (10 x $12) + (5 x $10) = $170.

Explanation:

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