Choose the correct answer and briefly explain.

3. Which of the following statements is false? A. COGS increases when a firm switches from LIFO to FIFO inventory valuation in an inflationary environment'???????? ?????????????y??????? B. Failure to adjust for an accrued expense will understate liabilities C. Bad debt expense will NOT show up in the CFFO session of Cash flow statement ?? under indirect method as a separate adjustment if it is adjusted through the change in account receivable, net. D) Asset impairment is caused by events or circumstances where the fair value is less than the asset's net book value