If, in Year 1, a Company Used LIFO; Year 2

question 65

Multiple Choice

If, in year 1, a company used LIFO; year 2, FIFO; and in year 3, moving average cost for inventory valuation, which of the following assumptions, constraints, or principles would be violated:

• A) cost.
• B) time period.
• C) matching.
• D) consistency.
• E) materiality.

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Definitions:

Coalition Tactic

A strategy used to create a temporary alliance or partnership among diverse groups to achieve a common goal.

Exchange Tactic

A strategy used in interpersonal or organizational interactions where resources, benefits, or favors are traded to gain advantage or cooperation.

Ingratiation

A social influence strategy aimed at making oneself more likable or agreeable to another, particularly used in organizational settings.

Proactive Influence

The effect of anticipating potential future problems, needs, or changes, and taking action to address or capitalize on them beforehand.