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:

Creation Legend

is a mythological narrative explaining how the world and its creatures came into existence, varying greatly among different cultures and religions.

Waka Sran

“People of wood.” Baule (Côte d’Ivoire) wood figural sculptures.

Baule

An African ethnic group from Côte d'Ivoire, known for their rich cultural heritage, including distinctive art forms such as masks and figurines.

Mbulu Ngulu

The wood-and-metal reliquary guardian figures of the Kota of Gabon.