Companies Can and Often Do Use Different Costing Methods for Financial

question 68

Multiple Choice

Companies can and often do use different costing methods for financial reporting and tax reporting.An exception to this is the:

• A)Full disclosure principle.
• B)Consistency concept.
• C)FIFO inventory valuation method.
• D)LIFO conformity rule.
• E)Matching principle.

---

Definitions:

Caste System

A traditional social system in certain societies where people are divided into distinct ranks and classes from which it is difficult or impossible to move from one class to another.

Salaries

Periodic payments made by employers to employees, usually monthly or biweekly, in return for the performance of work.

Income

The money received, typically on a regular basis, for work or through investments.

Government Assistance

Programs or financial aid provided by the government to individuals, businesses, or other entities in need of support.