If a Company Uses the LIFO Cost Flow Assumption on Its

question 96

Multiple Choice

If a company uses the LIFO cost flow assumption on its federal income tax return in order to minimize its tax payment, then it:

• A)must use LIFO on its financial statements.
• B)must use FIFO on its financial statements.
• C)may use any cost flow assumption permitted by GAAP on its financial statements.
• D)must correct the error at the beginning of the next accounting period.

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