LIFO can be used
A)under neither GAAP nor IFRS.
B)under IFRS but not GAAP.
C)under GAAP but not IFRS.
D)under both GAAP and IFRS.

Question

Quizplus · Accepted Answer

LIFO (Last-In, First-Out) method of accounting is allowed under the GAAP (Generally Accepted Accounting Principles) in the United States, but not under IFRS (International Financial Reporting Standards) which is used in many other countries. Therefore, LIFO can be used under GAAP but not under IFRS.

LIFO Can Be Used