When Changing from LIFO to FIFO, the Least Likely Result

question 54

Multiple Choice

When changing from LIFO to FIFO, the least likely result would be

• A)disclosing an increase in the inventory balance
• B)disclosing an increase in the deferred taxes account
• C)removing the LIFO reserve
• D)obtaining a tax refund from the IRS

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Definitions:

Gap Junction

Specialized intercellular connections between a multitude of animal cell-types that directly connect the cytoplasm of two cells, allowing various molecules, ions and electrical impulses to directly pass through a regulated gate between cells.

Synaptic Transmission

The process through which neurotransmitters are released by one neuron and taken up by another, facilitating communication between neurons.

Electrical Synaptic Transmission

A form of neural communication that occurs through electrically conductive gap junctions directly connecting the cytoplasm of adjacent neurons.

GABA

Gamma-Aminobutyric Acid, a neurotransmitter in the brain that is primarily involved in inhibiting neural activity.