172. What does it mean that FIFO has a balance sheet focus and LIFO has an income statement focus? 173. What is meant by the assertion that the lower-of-cost-or-market method is an example of...

172. What does it mean that FIFO has a balance sheet focus and LIFO has an income statement focus?

173. What is meant by the assertion that the lower-of-cost-or-market method is an example of conservatism in accounting?