A Company Uses LIFO in One Year,then Switches to FIFO

question 153

Multiple Choice

A company uses LIFO in one year,then switches to FIFO and then to average-cost.This is a violation of the:

• A)disclosure principle
• B)historical cost principle.
• C)consistency principle.
• D)conservatism principle.

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Definitions:

Regional Culture

The unique set of beliefs, customs, practices, and behaviors shared by people living in a specific geographical region.

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