The USGAAP Requires Firms Using LIFO to Disclose in Notes to to the Financial

question 135

Multiple Choice

The U.S.GAAP requires firms using LIFO to disclose in notes to the financial statements

• A)the amounts by which inventories based on FIFO or current cost exceed their amounts as reported on a LIFO basis.
• B)the amounts by which inventories based on LIFO exceed their amounts as reported on a FIFO or current cost basis.
• C)the amounts by which inventories based on LIFO exceed their amounts as reported on a specific identification or current cost basis.
• D)the amounts by which inventories based on specific identification or current cost exceed their amounts as reported on a LIFO basis.
• E)none of the above

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Definitions:

Optimal Life

A concept related to living one's life in the best possible way, maximizing well-being, happiness, and fulfillment.

Optimistic Lifestyle

involves a positive outlook and approach to life, characterized by hopefulness and confidence in future success and well-being.

Failure

The lack of success in achieving one's goals or the inability to meet a certain standard.

Negative Life Pressures

Psychological or environmental stressors that negatively impact an individual's mental and physical well-being.