The LIFO Conformity Rule Requires That If a Company Uses

question 78

True/False

The LIFO conformity rule requires that if a company uses LIFO in reporting income to stockholders,it also must use LIFO on its tax return.

---

Definitions:

Variable

Any characteristic whose values can change.

Testable Hypothesis

A prediction that has been formulated specifically enough so that it is clear what observations would confirm the prediction and what observations would challenge it.

Disconfirmed

Disconfirmed means proven to be false or invalid, especially in the context of theories, hypotheses, or beliefs.

Confirmed

Verified or established as true or accurate.