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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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________differentiation is a business strategy whereby firms attempt to gain a competitive advantage by increasing the perceived
Andreas93 [3]

Answer:

A) Product Differentiation

Explanation:

Product differentiation is referred as a strategy which companies or firms use to showcase the abilities which their products have and the competing product does not have. Some go as far as displaying an added advantage which their products have. Forms which this strategy can take may be through price of the product, reliability of the product or location of the product.

8 0
2 years ago
Can I Plss get some help on this
Verdich [7]

Based on the inflation rate and the fact that it is rising, the right recommendation would be to A. raise the reserve ratio.

<h3 /><h3>How can you decrease inflation?</h3>

Inflation can be reduced when the reserve ratio is raised because it will reduce the amount of money that banks have to loan out.

This means that there will be less money in the economy which will reduce inflation because less money means less demand for goods and services.

Find out more on effects of inflation at brainly.com/question/27889691.

#SPJ1

3 0
1 year ago
Gregory knew that he was going to have to pay a premium for buying a home in a certain area but was determined to do so because
labwork [276]

The characteristic of value that is represented here is <u>C. Situs.</u>

<h3>What is Situs?</h3>

Situs refers to the location of the property in legal terms.  The location of an asset adds or subtracts value from the property. Some properties are located in urban areas where the demand is much more than in suburbs or rural areas.  Such properties attract equivalent values based on their locations.

<h3>Answer Options:</h3>

A. Scarcity

B. Nolo Contendere

C. Situs

D. Caveat Emptor

Thus, the characteristic of value represented in this scenario is not scarcity, nolo contendere, or caveat emptor, but <u>Option C. Situs.</u>

Learn more about the location of a real estate at brainly.com/question/26010601

7 0
2 years ago
1 points Item 5Item 5 1 points Sam, Alfredo, and Juan want to start a small U.S. business. Juan will fund the venture but wants
8090 [49]

Limited partnership form of business entity should these individuals adopt.

Explanation:

A Limited Partnership is a common partner that has unlimited personal liability to the company's assets and commitments and a joint partner that has limited liability but does not share in the management process. a Limited Partnership is a limited partner.

Most states allow a professional license in a specified area for every LLP participant. As a result, relationships with doctors, judges, accountants, engineers, financial advisors certified, vet and business owners typically include lLPs. Currently attorneys and accountants are approved for LLPs in California.

8 0
3 years ago
A seller listed a home for $200,000 and agreed to pay a commission rate of 5%. The MLS stated that the commission would be share
earnstyle [38]

Answer:

The selling sales associate received $2,700

Explanation:

The final number was 180 thousand dollars. Then the MLS chared 5% of the total sale. Thus, 9 thousand dollars is the commission. Now, the commission was divided again and the sales associate received 50% of the listing office's commission. So those 9000 are divided in 2 and we get 4500 which then are divided and the selling sales associate receives the 60% of that amount or 2700 dollars.

4 0
3 years ago
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