Which one of the following statements is true?
A)LIFO can be used with lower of cost or market.
B)On the balance sheet, LIFO reserves should be disclosed in the stockholders' equity section.
C)A change from FIFO to LIFO is disclosed as a cumulative effect change in accounting principle on the income statement.
D)Temporary LIFO liquidations can be ignored for costing purposes on interim statements.

Question

Quizplus · Accepted Answer

The Answer of Which one of the following statements is true?
A)LIFO can be used with lower of cost or market.
B)On the balance sheet, LIFO reserves should be disclosed in the stockholders' equity section.
C)A change from FIFO to LIFO is disclosed as a cumulative effect change in accounting principle on the income statement.
D)Temporary LIFO liquidations can be ignored for costing purposes on interim statements.

Which One of the Following Statements Is True