-Which Statement Is FALSE

question 91

Multiple Choice

-Which statement is FALSE?

• A)LIFO is not allowed in several countries outside the United States.
• B)IFRS does not permit the use of LIFO.
• C)FIFO and average cost are allowed in Australia and the United Kingdom.
• D)If LIFO is no longer allowed to be used in the United States, the tax burden on many companies will be lower.

Recognize the treatment of receivables in financial statements and the impact of bad debt on net income.

Identify the requirements and allowances under GAAP for recording uncollectible accounts.

Explain the process of estimating uncollectible accounts using various methods.

Understand the recording and impact of selling receivables and promissory notes on financial statements.