Which of the Following Statements Is Not a Characteristic of the LIFO

question 112

Multiple Choice

Which of the following statements is not a characteristic of the LIFO method of pricing inventory?

• A) During a period of rising prices, LIFO tends to minimize the amounts of income taxes owed.
• B) The cost of goods sold is measured in relatively current costs.
• C) Inventory is valued at relatively current costs.
• D) None of the above; these statements all describe characteristics of the LIFO method.

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Definitions:

Cohesiveness

The quality of forming a united whole, especially in the context of group or team dynamics leading to better collaboration and performance.

Organizational Citizenship Behavior

Voluntary actions by employees that contribute to the betterment of the organization and are not part of their formal job responsibilities.

Loyalty

A strong feeling of support or allegiance to someone or something, often manifesting as dedication or faithfulness.

Sportsmanship

The practice of playing fair, following the rules of the game, and showing respect for opponents, teammates, and officials.