Tim's Tams Has Been Using LIFO to Value Its Inventory

question 2

Multiple Choice

Tim's Tams has been using LIFO to value its inventory because it gives a higher cost of goods sold,lower income,and lower taxes.This year Tim's Tams has decided to make a permanent switch to FIFO,even though it will then have to pay more taxes on its higher reported income.This accounting choice would be considered ________.

• A)conservative
• B)fundamental
• C)basic
• D)aggressive

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Definitions:

Customer Service

A support provided by a company to its customers before, during, and after purchasing and using goods or services.

Rude Employees

Workers who display discourteous or impolite behavior towards customers or colleagues, negatively affecting the business environment and customer experience.

Researchers

Individuals who conduct systematic investigation to establish facts, reach new conclusions, and develop new knowledge.