Which of the Following Statements About the Last-In,first-Out (LIFO)assumption Is

question 24

Multiple Choice

Which of the following statements about the last-in,first-out (LIFO) assumption is true?

• A) LIFO assumes that inventory on hand consists of the oldest units.
• B) LIFO assumes that ending inventory and cost of goods sold are composed of a mixture of old and new units.
• C) LIFO results in newer costs appearing in the balance sheet.
• D) LIFO assumes the items sold are those purchased first.

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Definitions:

Secondary Sex Characteristics

Characteristics that emerge during puberty but are not directly involved in reproduction, such as breast development in females and facial hair growth in males.

Sexual Orientation

An inherent or immutable enduring emotional, romantic or sexual attraction to other people.

Gender Typing

The process by which a child becomes aware of their gender and thus behaves accordingly by adopting values and attributes of members of the sex that they identify with.

Sexual Orientation

Sexual orientation is an enduring pattern of emotional, romantic, or sexual attractions to men, women, or both sexes.