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Which of the following statements related to the LIFO method of inventory valuation is false?
A. The LIFO conformity rule is a tax ruling prohibiting the use of LIFO for tax purposes unless it is also used for external financial reporting purposes.
B. Under LIFO, companies can manage earnings at the end of an accounting period by purchasing additional inventory.
C. Despite the many benefits of LIFO, it is used by fewer U.S. companies than both FIFO and weighted average.
Answer: C
Explanation:
LIFO is more commonly used than weighted average for inventory valuation purposes.
NEW QUESTION: 2
In which four areas does Cisco Smart Net Total Care provide support? (Choose four )
A. customer service management
B. sales support management
C. security and product alerts
D. technical services and incident management
E. service coverage management
F. customer opportunity development
G. product lifecycle management
Answer: C,D,E,G
Explanation:
https://www.cisco.com/c/en/us/products/collateral/cloud-systems-management/smart-net-total- care/datasheet-c78-735459.pdf
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B. The connection remains Directed.
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