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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