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:

Probability

A numerical scheme to denote how likely an event is to occur, on a scale from 0 to 1.

Still Working

Engaged in performing tasks or duties, typically in a professional context, without having ceased or completed the activity.

Probability

The calculation of how probable it is for an event to happen.

Batteries

Devices consisting of one or more electrochemical cells that store and supply electric energy.