Which of the Following Is Incorrect Regarding LIFO and FIFO

question 99

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 under LIFO than FIFO.

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Definitions:

Home Office

A designated space within an individual's residence set up for professional tasks, enabling work from home arrangements.

Telecommuting

A work arrangement that allows employees to perform their job duties from outside the traditional office environment, usually from home, using telecommunications technologies.

Flexible Work Arrangement

Employment terms that allow for variations in working hours, locations, or schedules to accommodate employees' needs and improve work-life balance.

Compressed Workweek

A work schedule that allows an employee to work a full-time job in fewer than the conventional five days.