Which of the following statements is false?
A)Companies do not have to use the same inventory method for all items of inventory.
B)Companies do not have to consistently use the same inventory costing methods.
C)Use of the LIFO inventory method during a period of increasing prices may create a conflict of interest between the owners and managers.
D)A company choosing to maximize stockholders' equity during a period of increasing prices should use the FIFO inventory method.

Question

Quizplus · Accepted Answer

GAAP requires companies to consistently apply their inventory costing methods.

Which of the Following Statements Is False