Which One of the Following Is Not an Advantage of LIFO

question 37

Multiple Choice

Which one of the following is not an advantage of LIFO?

• A)In periods of rising prices, less income taxes are paid.
• B)In periods of rising prices, less holding gains are reported in net income.
• C)Record keeping and financial statement preparation are easier.
• D)Conservative income statements and balance sheet disclosures result from rising prices.

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