Which of the following is true of inventory costing methods?

A. Most companies use FIFO to estimate cost of goods

B. The decision to use LIFO vs. FIFO affects the income statement and balance sheet but not cash flow

C. Companies may choose FIFO, LIFO, and average cost under GAAP and IFRS

D. The main motivation for using FIFO is to minimize the tax burden

Interest expense related to long- term debt must be recognized

A. When it is paid

B. At the end of the Loan life

C. If the interest rate on the loan is greater than the market rate

D. Each period of the loan is outstanding