Which One of the Following Statements Is False

question 147

Multiple Choice

Which one of the following statements is false?

• A)Differences in cash flows between LIFO and FIFO inventory methods are a direct result of the differences in the purchases
• B)Differences in cash flows between LIFO and FIFO inventory methods are caused by differences in taxes.
• C)The amount of cash to acquire inventory is the same for companies that use LIFO as for those companies that use FIFO.
• D)The primary determinant in selecting an inventory costing method should be the ability of the method to accurately reflect the net income of the period.

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Definitions:

Genetic Influences

The impact of genes inherited from parents on the traits, behaviors, and characteristics of an individual.

Personality

The combination of characteristics or qualities that form an individual's distinctive character, influencing their behaviors and attitudes.

Life Span

Represents the maximum duration an organism can live under ideal conditions, or in human studies, it often refers to the period from birth to death, focusing on various stages of development and aging.

Force

The physical power or strength exerted against an object or person, or a metaphorical power influencing actions and outcomes.