Answer and Explanation:
As per the data given in the question,
a)
1. FIFO inventory > LIFO inventory
(Because in case of LIFO recent purchases are considered in production first or sold first so the remaining inventory are old inventory which is less costlier.)
2. FIFO cost of goods sold < LIFO cost of goods sold
(Because in case of LIFO recent purchases are considered in production first which are expensive so the cost of production is greater than FIFO.)
3. FIFO net income > LIFO net income
(Because cost of production is less under FIFO and the value of closing inventory is high, therefore the net income is also high.)
4. FIFO income taxes > LIFO income taxes
(Since, income is high in FIFO, therefore the tax under FIFO will be higher.)
b)
Management would like prefer to use LIFO over FIFO in periods of rising prices because Income shown in the company's Tax return will be higher if we use FIFO rather than using LIFO.
Answer:
TRUE: A. Different companies will use different charts of accounts based on individual company need.
C. The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.
Explanation:
A. <u>Different companies will use different charts of accounts based on individual company need.</u>
A chart of accounts is the combination of all the accounts of an organization in an organized and structured model whose objective is to establish a codification so that there is a standardization of the company's financial information to assist the work of the accounting sector.
Therefore, each company will have a model chart of accounts referring to its activities and processes.
<u>C.</u><u> </u><u>The general ledger contains all of the accounts that a company uses, along with detail of the balances in those accounts.</u>
<u>
</u>The general ledger can be defined as the set of all accounts held in the organization in detail.
Through the information in the accounts, the organization is able to correctly separate each one by type and carry out the organizational financial statement.
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Answer: (D) Small
Explanation:
A small business plays an important role in the US (United states) economy as the small business basically contributing in the various types of local economical growth and also in the GDP (Gross domestic product).
The small type of business is also helps in proving the various types of employment related opportunities in the corporation o the basis of small business administration.
According to the given question, the small business is basically paying 42% in the private payroll in the united states and approximate 37% to the workers such as computer programmers, scientists and the engineers.
Therefore, Option (D) is correct answer.
Answer:
The correct answer is letter "D": interest being earned on previously-earned interest.
Explanation:
Compounding, also called "<em>interest on interest</em>", refers to a method of calculating interest based on the principal of a capital gain plus interest that was already accrued. It is a form of reinvestment based on accumulated interest. Compound interest could be computed by day, month or year.
Answer:
Difference between primary needs and secondary needs: Primary needs: The primary needs are the basic requirements according to biological demands like oxygen for breathing, water for overcoming thirst, food for living and shelter. The secondary needs are the needs that remain even after the primary needs are satisfied
