Which One of the Following Statements Is True

question 48

Multiple Choice

Which one of the following statements is true?

• A)LIFO can be used with lower of cost or market.
• B)On the balance sheet, LIFO reserves should be disclosed in the stockholders' equity section.
• C)A change from FIFO to LIFO is disclosed as a cumulative effect change in accounting principle on the income statement.
• D)Temporary LIFO liquidations can be ignored for costing purposes on interim statements.

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Definitions:

Cognitive Therapy

A type of psychotherapy aimed at changing negative patterns of thinking to improve emotional well-being and behavior.

Self-blame

The act of holding oneself responsible for an event or situation, often inappropriately.

Reattributing Responsibility

The process of changing the perceived source or cause of events or actions, often involving shifting blame or credit.

Stress Inoculation Training

A form of cognitive-behavioral therapy designed to help individuals build resilience by learning to cope with anticipated stressors before they occur.