Under USGAAP,application of the LIFO and FIFO Inventory Methods Result in in Differences

question 48

Essay

Under U.S.GAAP,application of the LIFO and FIFO inventory methods result in differences in the balance sheet,income statement and cash flow statement.Compare and contrast the effect of the two methods on each financial statement and determine the advantages and disadvantages of each method.

---

Definitions:

Implicit Attitude

An attitude that exists outside of conscious awareness, influencing feelings and behavior unconsciously.

Explicit Attitude

Attitudes that people consciously endorse and can easily report, reflecting deliberate beliefs and feelings.

Automatic Association

The unconscious linking of two concepts or objects together in one's mind, which can influence attitudes and behavior without conscious awareness.

Implicit Attitudes

Unconscious beliefs or feelings toward objects, people, or situations that influence our responses and behavior.