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Marrrta [24]
3 years ago
9

True or False: The LIFO Conformity Rule states that if the LIFO method is used for income tax purposes, it can not be used for f

inancial statement purposes.
Business
1 answer:
elena-s [515]3 years ago
6 0

Answer:

FALSE

Explanation:

The LIFO conformity rule requires taxpayers that elect to use LIFO for tax purposes to use <u>no method other than LIFO to ascertain the income, profit, or loss for the purpose of a report or statement to shareholders, partners, or other proprietors, or to beneficiaries, or for credit purposes</u>.

Hence the IRS requires that the same method for income tax purpose be used for financial statement purpose

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Why is it difficult to change real capital
Sonbull [250]

Answer:

I don't know

Explanation:

can you help me with my question Enter the coordinates of the point on the unit circle at the given angle. 270° ([?], [ ] Enter

3 0
2 years ago
McMurphy Corporation produces a part that is used in the manufacture of one of its products. The costs associated with the produ
Effectus [21]

Answer:

the correct answer is

A) make the part, as this would save $14 per unit

7 0
3 years ago
Suppose autos cost consumers $30,000 and trucks cost consumers $15,000. What contribution does the production of 200 autos and 2
alexgriva [62]

Answer:

the  contribution made to the production of 200 autos and 200 trucks is $9,000,000

Explanation:

The computation of the contribution made to the production of 200 autos and 200 trucks is shown below

Contribution to GDP is

= $30,000 × 200 + $15,000 × 200

= $6,000,000 + $3,000,000

= $9,000,000

Hence, the  contribution made to the production of 200 autos and 200 trucks is $9,000,000

6 0
3 years ago
Item 25 In marketing, each __________ consists of people who are relatively similar to each other in terms of their consumption
kifflom [539]

Answer:

market segment.

Explanation:

Marketing can be defined as the process of developing promotional techniques and sales strategies by a firm, so as to enhance the availability of goods and services to meet the needs of the end users or consumers through advertising and market research.

Thus, it comprises of all the activities such as, identifying, anticipating set of medium and processes for creating, promoting, delivering, and exchanging goods and services that has value for customers. It typically, involves understanding customer needs, building and maintaining healthy relationships with them in order to scale up your business.

In marketing, each market segment comprises of people (consumers) who are relatively similar to each other in terms of their consumption behavior and preference or choice with respect to goods and services.

3 0
3 years ago
1. Congress passed the Sarbanes-Oxley Act to ensure that investors invest only in companies that will be profitable.
Oksana_A [137]

Answer:

1. False

2. False

3. False

4. True

5. True

Explanation:

1.

Sarbanes-Oxley Act was a federal law that was established by congress to sweep auditing and financial statements for public companies. The main aim for this was to improve the investor confidence by improving reliability in accounting statements. Errors in the financial statements for the public companies were to be minimized following this law especially in the wake of numerous cases of corporate crime. This law was never passed to ensure that investors only invest in companies that will be profitable, since the choice of which company to invest in is exclusively left to the investor. So the above statement is false.

2.

Ethics can be defined as a set of rules and regulation that govern the moral behavior of someone. Ethical standards vary from one region to another since they are majorly cultural, for example; a behavior in the United States can be considered as appropriate while the same behavior in a different place can be inappropriate. Ethical standards are either right or wrong, and the actions are judged on these terms. Ethics don't measure whether a actions are loyal or disloyal, thus the statement is false.

3.

The primary accounting standard setting body in the United States is Financial Accounting Standards Board (FASB). This body is charged with regulating and setting the best standard of accounting practice. The FASB usually constitutes a board whose officials are rigorously assessed. The board members have to be professionals in the field of accounting.  Securities and Exchange Commission on the other hand is an independent federal agency with the authority to enforce federal security laws. Thus the statement above is false.

4.

The historical cost principle suggests that the companies record assets cost at their original cost and continue to report them at their original cost over the time the asset is held. The historical cost principle is a generally accepted accounting principle that has been in use for a long time. The definition about the historical cost principle in the question above is therefor true.

5.

The monetary unit assumption dictates that business related activities be converted to monetary units. There are some business transactions that are however quite difficult to convert into monetary units, therefor the accountant in using this principle is only obliged to record only the transactions that can be measured in money terms. The statement about monetary units in the question above is thus true.

8 0
3 years ago
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