QUESTION 3 0.5 points IFRS does not allow the use of LIFO because it would have to be allowed for tax reporting in each country would result in too many overstatements of income is inconsistent with any presumed physical flow of inventory would have to be the only method permitted QUESTION 4 0.5 points The preference to dividends that preferred stockholders have is the right to receive the appropriate dividend before common stockholders are paid any dividends when dividends are declared the right to accumulate dividends that have not been declared the right to share dividends equally with common stockholders when dividende are declared the right to be paid a minimum dividend each year QUESTION 5 0.5 points Which one of the following statements concerning treasury stock is true? It carries voting rights. It participates in stock splits. It receives dividend distributions It retains the preemptive right