Answer:
Depends on the person but probably not
Explanation:
Answer:
3. Supply of flour to increase.
Explanation:
The situation above is showing a<em> direct proportional relationship</em> between the "wheat," as a main ingredient of flour, and the flour itself.
If the price of wheat <em>decreases</em>, <u>suppliers will be interested in buying more of it in order to produce more quantities of flour at a </u><em><u>lower cost </u></em>because it will more likely lead to a<em><u> higher profit</u></em>. This will, therefore, increase the supply of flour in the market.
The cumulative difference between reporting inventory at LIFO rather than FIFO is commonly referred to as the LIFO reserve
<h3>What is
LIFO reserve?</h3>
Generally, LIFO reserve is an accounting term that represents the difference between the cost of inventory calculated using the first-in, first-out (FIFO) method and the cost calculated using the last-in, first-out (LIFO) method for the purposes of bookkeeping.
In conclusion, The LIFO reserve is a term that is widely used to refer to the accumulated discrepancy that results from reporting inventory using the LIFO method rather than the FIFO method.
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Answer: If the fee has not been paid by the end of the accounting period and no adjusting entry is made, this would cause: "d. revenues to be understated.".
Explanation: The income would be underestimated because the income of $2120 that corresponds to the service provided in the accounting period, must be recognized in the accounting period in which the economic events occur regardless of when the income of the funds occurs (accrual principle).
