The U.S. tax code requires:
A. Periodic FIFO be used for tax reporting.
B. Weighted average be used for tax reporting.
C. Periodic LIFO be used for tax reporting.
D. If a company uses FIFO for tax reporting, it must also be used for financial reporting - called the FIFO conformity rule.
E. If a company uses LIFO for tax reporting, it must also be used for financial reporting - called the LIFO conformity rule.
Answer: E
You might also like to view...
The ______ is a visual representation of relationship rating in which symbols or letters represent the relationships between departments.
A. cost optimization method B. relationship rating method C. line balancing method D. Muther’s grid
Bette backs out of City Parking Garage, colliding with Dill's car. Dill may recover $7,500 to cover the cost of the repairs if Bette failed to act as
A. a blameless person. B. a faultless person. C. a reliable person. D. a reasonable person.
The term ________ is used to identify a group of people within an organization who participate in the buying process and share common goals, risks, and knowledge important to a purchase decision.
A. procurement committee B. acquisition office C. buying center D. purchasing department E. gatekeepers
Private colleges and universities use the same accounting and reporting standards as other private not-for-profit organizations.
Answer the following statement true (T) or false (F)