Question: The LIFO conformity rule: Question 1 5 Select one: a . Requires that when LIFO is used for tax reporting, it must also be used

The LIFO conformity rule:
Question 15 Select one:
a.
Requires that when LIFO is used for tax reporting, it must also be used for financial reporting.
b.
Requires that all companies in the same industry use the same accounting methods of inventory valuation.
c.
Is also called the taxation principle.
d.
Is only applicable to the automotive industry.

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