If a firm uses LIFO for income tax purposes,what method must be used for financial accounting purposes?
A)Any method may be used
B)Either FIFO or LIFO
C)FIFO
D)LIFO

Name: If a firm uses LIFO for income tax purposes,what method must be used for financial accounting purposes? A)Any method may be used B)Either FIFO or LIFO C)FIFO D)LIFO
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Question

Quizplus · Accepted Answer

Under the LIFO conformity rule, if a company uses the Last-In, First-Out (LIFO) method for tax purposes, it must also use LIFO for financial reporting purposes.

If a Firm Uses LIFO for Income Tax Purposes,what Method