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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