Which of the Following Statements Is Correct

question 214

Multiple Choice

Which of the following statements is correct?

• A)Specific identification is the most practical,but least accurate,measure of cost and net income.
• B)When unit costs are increasing,the weighted average cost method yields a cost of goods sold between that of FIFO and LIFO.
• C)FIFO will lead to the highest net income if unit costs are falling.
• D)LIFO will always yield a smaller net income than FIFO.

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Definitions:

Acceptable Name

A term or nomenclature that conforms to the agreed conventions and standards in scientific or technical contexts.

Compound

An entity arising from the chemical merging of two or more elemental substances.

Aromatic

Compounds characterized by a ring of continuously overlapping p orbitals, leading to significant stability and unique reactivity, commonly found in benzene and its derivatives.

Π Network

An extended system of pi (π) bonds in a molecule, allowing for electron delocalization over more than two atoms.