Which of the Following Statements Is False

question 31

Multiple Choice

Which of the following statements is false?

• A)Companies are allowed to use more than one inventory valuation method.
• B)LIFO is an income tax concept.
• C)Using FIFO for high-technology products makes sense if the firm is trying to reduce taxes because the technology industry is generally deflationary.
• D)Companies using IFRS may not reverse entries for inventory write-downs if the market recovers.

---

Definitions:

U.S. Supreme Court

The highest federal court in the United States, holding ultimate appellate jurisdiction over all federal and state court cases that involve a point of federal law.

Deadly Force

The use of physical force that is likely to cause death or serious bodily harm, often discussed in the context of law enforcement.

High Speed

Typically relates to situations or mechanisms operating at velocities significantly above the norm.

Vehicle Pursuit

A police action involving the chase of a fleeing vehicle with the intent to stop and detain its occupants for legal violations.