Which of the Following Statements Is Not True as It

question 45

Multiple Choice

Which of the following statements is not true as it relates to the dollar-value LIFO inven?tory method?

• A) It is easier to erode LIFO layers using dollar-value LIFO techniques than it is with specific goods pooled LIFO.
• B) Under the dollar-value LIFO method, it is possible to have the entire inventory in only one pool.
• C) Several pools are commonly employed in using the dollar-value LIFO inventory method.
• D) Under dollar-value LIFO, increases and decreases in a pool are determined and measured in terms of total dollar value, not physical quantity.

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Definitions:

Postbox Rule

A legal doctrine that states that an acceptance of an offer becomes effective when it is posted, not when it is received by the offeror.

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The parties to a contract are generally not restricted as to the terms of their contractual agreements.

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A legal framework governing the binding agreements between parties, setting the rules for formation, execution, and enforcement of contracts.