When inventory costs are decreasing, a company using the LIFO costing an approach will normally pay less tax 보다 if the agency had been utilizing the FIFO method.a) Trueb) False

You are watching: Under u.s. gaap, inventories are reported on the balance sheet at:

All of the following prices would be contained in the price of inventory other than for:a) insurance on the products while in transit native sellerb) sales commission provided to salesperson as soon as the inventory is sold.c) costs to obtain inventory prepared for sale.d) taxes paid on the purchase price of the inventory.
The inventory technique used by a company affects: a) net earnings on the income statementb) the income taxes to be paidc) the ending inventory on the balance sheetd) every one of the above
Under us GAAP inventories room reported top top the balance paper at:a) historical price onlyb) existing replacement price onlyc) net realizable value onlyd) A and C
A agency uses LIFO in one year,, climate switches come FIFO and also then to typical cost. This is a violate of the a) disclosure principleb) historical price principlec) consistency principled) conservatism principle
Overstating ending inventory in the existing year will certainly understate the adhering to year"s network income.a) trueb) false
The inventory system that uses computer system software to store a running document of list on hand is the:a) cost of goods sold list systemb) routine inventory systemc) perpetual list systemd) hybrid inventory system




MyAccountingLab v Pearson eText -- Instant accessibility -- because that Financial Accounting9th EditionCharles T. Horngren

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