Which of the following statements is not true?
a. A review of financial statements, including the notes, will indicate how conservative the statements are in regard to accounting policies.
b. Accounting policies that result in the slowest reporting of income are the most conservative.
c. When a firm has conservative accounting policies, it is said that its earnings are of high quality.
d. Under inflationary conditions, the least conservative inventory method is fifo.
e. Conservative accounting policies always result in the lowest reported income for any given period of time.
E
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