The lifo conformity rule states that: multiple choice if lifo is used for tax purposes, the external financial statements must use fifo. if fifo is used for tax purposes, the external financial statements must also use fifo. if lifo is used for tax purposes, the external financial statements must also use lifo. if fifo is used for tax purposes, the external financial statements must use lifo.

rational decision making is a multi-step process for making choices between alternatives. the process of rational decision making favors logic, objectivity, and analysis over subjectivity and insight. the word “rational” in this context does not mean sane or clear-headed as it does in the colloquial sense.

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income statement is prepared in order to show the profits and loss of a business. in order to prepare the income statement she should collect all the income and expenses of the product with the cost of production.

answer///the madrid protocol;