A Change from LIFO to FIFO Should Be Accounted for

question 39

Multiple Choice

A change from LIFO to FIFO should be accounted for

• A)by footnote disclosure only
• B)prospectively only
• C)currently and prospectively
• D)retrospectively

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Definitions:

Reaction

A chemical process where starting materials change to produce one or more products, showcasing the transformation of matter.

Organic Product

A compound resulting from an organic reaction, typically containing carbon atoms along with hydrogen, oxygen, or other elements.

Major

In the context of reactions, it refers to the primary or most abundant product resulting from a chemical process.

Formation

The process of being formed or coming into being; in geology, it refers to a body of rock with a particular set of characteristics.