Question: Determine whether the following statement is true or false. A company has decided to use FIFO for financial reporting and LIFO for tax purposes to

Determine whether the following statement is true or false.

A company has decided to use FIFO for financial reporting and LIFO for tax purposes to minimize their tax liability. The company cannot do this because the FASB does not allow it under generally accepted accounting principles.

Group of answer choices

-True

-False

(I dont need an explanation)

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