T or F

Sold goods should remain as inventory on the seller's balance sheet until the date that the goods are delivered to the buyer.

Consider the 3 cost flow assumptions. An advantage of the last-in-first-out method is that it tends to smooth out erratic changes in costs.

Under U.S. GAAP, the payment of interest by a borrower would be classified as an operating activity on the borrower's cash flow statement while the cash paid for principal would be reported as a financing activity.