Which of the Following Statements About the Last-In,first-Out (LIFO)assumption Is

question 34

Multiple Choice

Which of the following statements about the last-in,first-out (LIFO) assumption is true?

• A) LIFO assumes that inventory on hand consists of the oldest units.
• B) LIFO results in newer costs appearing in the balance sheet.
• C) LIFO assumes the items sold are those purchased first.
• D) None of the answers provided.

---

Definitions:

Socially And Culturally

Pertaining to the ways in which social interactions and cultural norms influence behavior and relationships.

Sense Of Inferiority

A pervasive feeling of being lesser or inadequate in comparison to others, which can significantly impact one's self-esteem and behavior.

Compliant

Showing a willingness to follow rules or orders; agreeable to guidelines or requests.

Need For Affection

A psychological drive that compels individuals to seek out closeness and interpersonal warmth.