The U.S. GAAP requires firms using LIFO to disclose in notes to the financial statements
a. the amounts by which inventories based on FIFO or current cost exceed their amounts as reported on a LIFO basis.
b. the amounts by which inventories based on LIFO exceed their amounts as reported on a FIFO or current cost basis.
c. the amounts by which inventories based on LIFO exceed their amounts as reported on a specific identification or current cost basis.
d. the amounts by which inventories based on specific identification or current cost exceed their amounts as reported on a LIFO basis.
e. none of the above
A
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A buyer enters into a buyer agency agreement with a real estate licensee to negotiate the purchase of a particular FSBO property. The buyer then enters into purchase and sale agreement, but the property he agreed to buy is subsequently condemned. Which of the following is true?
A. The agency is terminated B. They can immediately look for another property C. The agent may sue the buyer for damages, if any were incurred D. This creates a dual agency
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Indicate whether the statement is true or false