The LIFO Conformity Rule requires that LIFO be used:
A)for financial reporting if it is used on the company's income tax return.
B)for both IFRS and GAAP.
C)every accounting period even when prices are rising.
D)by all companies in the same industry.

Question

Quizplus · Accepted Answer

In the United States,the LIFO Conformity Rule requires that if LIFO is used on the income tax return,it also must be used in financial statement reporting.

The LIFO Conformity Rule Requires That LIFO Be Used