Which One of the Following Statements Is False

question 211

Multiple Choice

Which one of the following statements is false?

• A) The primary determinant in selecting an inventory costing method should be the ability of the method to accurately reflect the net income of the period.
• B) The amount of cash to acquire inventory is the same for companies that use LIFO as for those companies that use FIFO.
• C) Differences in cash flows between LIFO and FIFO inventory methods are caused by differences in taxes.
• D) Differences in cash flows between LIFO and FIFO inventory methods are a direct result of the differences in the purchases

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Definitions:

General Practitioner

A medical doctor who treats acute and chronic illnesses and provides preventive care and health education to patients.

Safe Spaces

Environments or areas created with the intent of providing a supportive and welcoming space for individuals of marginalized groups to express themselves without fear of judgment or harm.

Third-Party Firms

External companies or organizations that are not directly involved in a transaction but may provide auxiliary services.

Virtuous Qualities

pertains to moral excellence and righteousness, often considered desirable traits in individuals.