If a Company Uses LIFO for Tax Purposes,it Must Also

question 139

True/False

If a company uses LIFO for tax purposes,it must also use LIFO for financial reporting purposes.

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Definitions:

Managed Care

A health care delivery system designed to manage cost, utilization, and quality of health services.

Medical Necessity

A judgment by a healthcare provider that a specific treatment, test, or procedure is essential for diagnosing or treating a patient's condition in accordance with accepted standards of medical practice.

Deductible

The amount paid out of pocket by the policyholder before an insurance company pays a claim.

Predetermined Amount

A specific quantity or sum set in advance.