The buyer determines how much to pay for the bonds by computing the present value of these future cash receipts using the contract rate of interest

Which of the following is not permitted under IFRS?

a) reporting of any type of inventory at net realizable value b) lower-of-cost-or-market valuation c) reversals of lower-of-cost-or-market write-downs d) the use of the LIFO cost flow assumption

Which of the following fallacies involves focusing on an irrelevant issue to draw attention away from a central issue?

A) Red herring B) False dilemma C) Ad hominem attack D) False analogy E) False cause