According to a study by McKinsey & Company, most executives worldwide agree that environmental, social, and business trends are less critical to company strategy than was the case five years ago.

The LIFO conformity rule requires that if a company uses LIFO for tax purposes, it must also use LIFO for financial accounting purposes.

a. true b. false

A product line is a group of products that are closely related because of which of the following?

a. The products are all sold under the same brand name. b. The products all function in a similar manner and provide similar benefits. c. The same company developed the idea for each product. d. The products share the same product managers.