Answer:b - Requires when LIFO is used for tax reporting, it is also used for financial reporting
Explanation:
LIFO conformity rule states that when the LIFO method is used for accounting for inventory for tax reporting, it should be used in preparing financial statements.
The LIFO conformity rule is a statutory requirement in the U.S.
<span>Overall trends in the market </span>
<span>This is an example of modified life policy. In modified life cycle, the premium differs at different stages of life. In the initial period, the person is fit and healthy and hence the premiums are low while at the later stage, a person develops various kinds of diseases and hence accordingly the premiums are increased at a later stage to compensate for that.</span>
