Question

Specific identification is ______. Multiple choice question. a high-tech security technique for identifying key employees a detailed list of all of a corporation's stockholders an inventory method that tracks which item is actually sold and debits Cost of Goods Sold for the actual cost of the item the classification of an account as an asset, liability, or stockholders' equity account

Answer 1

Specific Identification is the accounting record of the transactions of the proposal, that is, an inventory method that tracks which item is actually sold and debits.

What is specific identification?

It is an accounting record between income and expenses, used to keep track of identifiable and cost-specific inventory items.

This method gives managers or members of an entity a greater possibility of manipulating profits by identifying units in ending inventory as coming from specific purchases.

Therefore, we can conclude that the specific identification method is to track the cost of each item or category of products in the inventory.

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