The U.S.tax Code Requires

Multiple Choice

The U.S.tax code requires:

A) Periodic FIFO be used for tax reporting.
B) Periodic LIFO be used for tax reporting.
C) If a company uses FIFO for tax reporting,it must also be used for financial reporting - called the FIFO conformity rule.
D) If a company uses LIFO for tax reporting,it must also be used for financial reporting - called the LIFO conformity rule.
E) Weighted average be used for tax reporting.