Which of the Following Is Incorrect Regarding LIFO and FIFO

question 170

Multiple Choice

Which of the following is incorrect regarding LIFO and FIFO?

• A)In a period of decreasing costs,FIFO will result in lower total assets than LIFO.
• B)In a period of increasing costs,net income will be greater under FIFO than LIFO.
• C)In a period of increasing costs,assets will be greater for LIFO than FIFO.
• D)In a period of decreasing costs,LIFO will result in greater net income than FIFO.

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Definitions:

Colours

The characteristic of visual perception described through attributes like hue, saturation, and brightness.

Receptive Field

The specific part of the sensory world to which a sensory neuron responds, determining the stimulus features that will activate the neuron.

Visual Cell

A type of cell in the retina that is sensitive to light and enables vision.

Retina

The light-sensitive layer of tissue at the back of the inner eye that converts light images into neural signals sent to the brain.