Which of the Following Statements Is Not True

question 46

Multiple Choice

Which of the following statements is not true?

• A)A review of financial statements,including the notes,will indicate how conservative the statements are in regard to accounting policies.
• B)Accounting policies that result in the slowest reporting of income are the most conservative.
• C)When a firm has conservative accounting policies,it is said that its earnings are of high quality.
• D)Under inflationary conditions,the least conservative inventory method is fifo.
• E)Conservative accounting policies always result in the lowest reported income for any given period of time.

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Definitions:

Mississippi

Mississippi is a state in the southern United States, known for its rich cultural heritage, historical significance in the civil rights movement, and as a major site of agricultural production.

Missouri

A state in the central United States known for its diverse geography and as the starting point for the Lewis and Clark expedition.

Civil Rights Act

Landmark legislation in the United States that outlawed discrimination based on race, color, religion, sex, or national origin, primarily associated with the Civil Rights Act of 1964.

Racial Discrimination

Unfair or unequal treatment of people based on race or ethnicity, leading to disadvantages in employment, education, and in the legal system.