According to generally accepted accounting principles,the objective in choosing a cost flow assumption is "matching of appropriate costs against revenues in order that there may be a proper determination of the realized income" [ARB43,ch4,¶4].In light of this statement,is FIFO or LIFO more appropriate? Justify your answer.

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The Answer of According to generally accepted accounting principles,the objective in choosing a cost flow assumption is "matching of appropriate costs against revenues in order that there may be a proper determination of the realized income" [ARB43,ch4,¶4].In light of this statement,is FIFO or LIFO more appropriate? Justify your answer.

According to Generally Accepted Accounting Principles,the Objective in Choosing a Cost