Using LIFO to Value Inventory One Year and Using FIFO

question 11

Multiple Choice

Using LIFO to value inventory one year and using FIFO the next is a violation of which accounting principle?

• A)Conservatism
• B)Recognition
• C)Neutrality
• D)Matching
• E)Consistency

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Definitions:

No-Layoff Policies

Employer commitments or agreements that aim to avoid terminating employment due to economic downturns, often through alternative strategies such as work sharing or temporary leave.

Electronic Communication

The transfer of information or messages between individuals or groups using electronic devices such as computers, phones, and email.

Handbooks

Manuals or guidebooks that provide information on policies, procedures, and standards within an organization or for a specific product.

Manuals

Instructional guides or reference books that provide instructions, information, or guidance on how to operate devices, perform tasks, or follow procedures.