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:

Physical Growth

The process involving an increase in size, weight, and other body changes that occur as a person matures.

Preventable Diseases

Illnesses that can be avoided through measures such as vaccination, lifestyle changes, and adherence to health guidelines.

Cognitive Development

The process through which a person learns to reason, solve problems, and understand concepts.

Affordances

Refers to the actional properties of objects—their nature, opportunities, and limits.