A Change in Inventory Reporting from LIFO to FIFO Is

question 31

Multiple Choice

A change in inventory reporting from LIFO to FIFO is:

• A)An extraordinary item.
• B)A discontinued item.
• C)Not allowed once lower of cost or market is applied.
• D)Allowed,if it improves the usefulness of information in the financial statements.
• E)Not reported,as it is considered a change in accounting estimate.

Comprehend the importance of customer interaction in process analysis.

Understand the application of information technology in physical process control.

Explain basic and advanced process strategies, process control systems, and the tools of process analysis and design.

Identify and describe the major types of neurons and their functions in the nervous system.

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Definitions:

Recorded

The action of entering financial transactions into the accounting records of a business.

Recorded

The process of documenting financial transactions in the books of accounts as evidence of the transactions.

Relate

To establish a connection or relationship between two or more things.

Balance Sheet Accounts

Balance sheet accounts are the accounts that reflect the assets, liabilities, and shareholders' equity of a company, as recorded on the balance sheet.