Specific identification is:
A)the classification of an account as an asset,liability,or stockholders' equity account.
B)an inventory method that individually identifies and records the cost of each item as cost of goods sold.
C)a detailed list of all of a corporation's stockholders.
D)a high-tech security technique for identifying key employees.

Question

Quizplus · Accepted Answer

The specific identification method individually identifies and records the cost of each item sold as Cost of Goods Sold.This method requires accountants to keep track of the purchase cost of each item.Companies tend to use the specific identification method when accounting for individually expensive and unique items.

Specific Identification Is