Which of the Following Would Not Require the Company to Account

question 25

Multiple Choice

Which of the following would not require the company to account for the change retrospectively?

• A) From average cot to FIFO.
• B) From FIFO to LIFO.
• C) From LIFO to FIFO.
• D) From LIFO to average cost.

---

Definitions:

Organizing

The process of arranging or structuring resources and tasks to achieve objectives efficiently, often relating to business or project management.

Directing

The process of guiding, leading, and motivating employees to achieve organizational goals.

Goals and Objectives

Targets and outcomes that an organization or individual aims to achieve within a specific timeframe.

Period Costs

Period costs are expenses that are not directly tied to the production process and are expensed in the period they are incurred.