Solved

-Which Statement Is FALSE

Question 70

Multiple Choice

-Which statement is FALSE? A) LIFO is not allowed in several countries outside the United States. B) IFRS does not permit the use of LIFO. C) FIFO and average cost are allowed in Australia and the United Kingdom. D) If LIFO is no longer allowed to be used in the United States, the tax burden on many companies will be lower.
-Which statement is FALSE?

A) LIFO is not allowed in several countries outside the United States.
B) IFRS does not permit the use of LIFO.
C) FIFO and average cost are allowed in Australia and the United Kingdom.
D) If LIFO is no longer allowed to be used in the United States, the tax burden on many companies will be lower.

Correct Answer: