TRUE/FALSE
1. In a period of rising prices, LIFO usually results in a realistic cost of goods sold.
2. Minority interest reflects the ownership of minority shareholders in the equity of consolidated subsidiaries that are less than wholly owned.
3. When preferred stock has a preference as to dividends, the current year's preferred dividend must be paid before a dividend can be paid to common stockholders.
4. The deferred compensation element of an equity-based deferred compensation arrangement is the amount of compensation cost deferred and amortized (expensed) to future periods as the services are provided.
5. Using IFRS, usually noncurrent assets are presented first, followed by current assets.
6. Under IFRS, reserves may result from upward revaluations of properties and investments.