When a Company Uses LIFO for External Reporting Purposes and FIFO

question 146

Multiple Choice

When a company uses LIFO for external reporting purposes and FIFO for internal reporting purposes, an Allowance to Reduce Inventory to LIFO account is used. This account should be reported

• A) on the income statement in the Other Revenues and Gains section.
• B) on the income statement in the Cost of Goods Sold section.
• C) on the income statement in the Other Expenses and Losses section.
• D) on the balance sheet in the Current Assets section.

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Definitions:

Brand Position

describes the unique space a brand occupies in the minds of consumers, differentiated by its products, features, and benefits from its competitors.

Influences

refers to the factors or forces that affect the decisions, behaviors, or development of individuals or organizations.

Brand Assets

Constitutes the valuable elements of a brand, such as trademarks, brand name, and customer loyalty, that contribute to its overall equity.

Logos

In rhetoric, it refers to the appeal to logic, one of the three modes of persuasion identified by Aristotle, alongside ethos and pathos.