Account for inventory cost flow for the financial records

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Reference no: EM131222115

a) A company that is publicly-traded can use LIFO to account for inventory cost flow for the financial records it prepares for tax purposes and FIFO to account for its inventory cost flow in the financial statements its presents to its investors. True or False

b) A company makes a mortgage payment that has both a principal payment component and an interest expense component. This mortgage payment will impact both the operating activities section of the cash flow statement and the financing activities section of the cash flow statement. True or False

Reference no: EM131222115

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