Companies Can and Often Do Use Different Costing Methods for Financial

question 96

Multiple Choice

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

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

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Definitions:

Duplex

A communication system or printing method that allows for two-way transmission or processing simultaneously.

NFC

Near Field Communication, a set of communication protocols that enable two electronic devices, one of which is usually a portable device such as a smartphone, to establish communication by bringing them within close proximity.

Protocols

Sets of rules and conventions for communication between network devices, ensuring the transfer of data across networks is consistent and reliable.

BIOS

Basic Input Output System, firmware used to perform hardware initialization during the booting process and to provide runtime services for operating systems and programs.