Which of the Following Statements Is False Regarding the Choice

question 210

Multiple Choice

Which of the following statements is false regarding the choice between alternative inventory costing methods?

• A)Each alternative method provides for the same amount of cost of goods available for sale to be allocated between ending inventory and cost of goods sold.
• B)In terms of current costs, FIFO presents a more realistic balance sheet; whereas LIFO presents a more realistic income statement.
• C)Companies sometimes choose FIFO because it is easier and less expensive to implement; whereas LIFO is often chosen for the tax benefits.
• D)Companies sometimes choose FIFO because it presents a more realistic income statement in terms of current market values.

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Definitions:

Hereditary Material

Refers to DNA or RNA in organisms that carry genetic information passed from parents to offspring.

Autosome

Chromosome of a pair that is the same in males and females; a chromosome that is not a sex chromosome.

Chromosome

Carriers of genetic material in the form of DNA, present in the cell's nucleus and visible during cell division.

Nucleotides

Nucleotides are the basic building blocks of nucleic acids like DNA and RNA, consisting of a sugar, a phosphate group, and a nitrogenous base.