The LIFO Conformity Rule Requires That LIFO Be Used

question 170

Multiple Choice

The LIFO Conformity Rule requires that LIFO be used:

• A)for financial reporting if it is used on the company's income tax return.
• B)for both IFRS and GAAP.
• C)every accounting period even when prices are rising.
• D)by all companies in the same industry.

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Definitions:

Variable Schedule

A type of reinforcement schedule in operant conditioning that rewards a response after an unpredictable number of responses, enhancing the durability of the behavior.

Resistance To Extinction

The persistence of a learned response, often a behavioral pattern, even after the removal of the reinforcement originally used to modify the behavior.

Response Rates

The frequency at which a certain behavior or reactions occur in a given period of time.

Avoidance Learning

A process by which an individual learns a behavior to avoid an unpleasant or aversive stimulus.