Which of the Following Statements Is Not True

question 113

Multiple Choice

Which of the following statements is not true?

• A)Differences in cash flows between LIFO and FIFO inventory methods are a direct result of the differences in the purchases.
• B)Differences in cash flows between LIFO and FIFO inventory methods are caused by differences in taxes.
• C)The amount of cash to acquire inventory is the same for companies that use LIFO as for those companies that use FIFO.
• D)The primary determinant in selecting an inventory costing method should be the ability of the method to accurately reflect the net income of the period.

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