GAAP related to the matching principle is used to determine the dollar amount of cost...
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Accounting
GAAP related to the matching principle is used to determine the dollar amount of cost of goods sold related to sales for a period, and to determine the value of ending inventory carried forward.
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True
False
GAAP related to the consistency concept is the basis for adopting an inventory valuation method, then using it every period/year moving forward.
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True
False
In a period of rising purchase costs of inventory, LIFO usually gives a lower income.
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True
False
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