-Which Statement Is FALSE

question 91

Multiple Choice

-Which statement is FALSE?

• A)LIFO is not allowed in several countries outside the United States.
• B)IFRS does not permit the use of LIFO.
• C)FIFO and average cost are allowed in Australia and the United Kingdom.
• D)If LIFO is no longer allowed to be used in the United States, the tax burden on many companies will be lower.

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Definitions:

Trade

The exchange of goods and services between individuals, businesses, or countries, which can be domestic or international in scope.

Piracy

The act of attacking and robbing ships at sea; also refers to the unauthorized use or reproduction of another's work, especially in relation to copyrighted materials.

Unsafe Sea Corridors

Maritime routes that pose significant risks to ships due to factors like piracy, armed conflict, or natural hazards.

Trading Practices

The activities and principles involved in buying, selling, and exchanging goods and services, both domestically and internationally.