Answer:
Option A is correct which states that".There is no such thing, in IASB standards, as a "contingent asset"
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.
(Coming from a non-expert) Miller Company shouldn’t only rely on this product and should periodically develop products that compete with their best-selling product evaluating their effectiveness on doing so. This is one of the many approaches the trillion company (Apple) has used throughout the years (making an Apple Watch so you don’t have to use your iPhone as often, improving the size and battery of the iPhone so you won’t need to use your iPad, improving the processing power of iPads so you won’t have to carry your MacBook everywhere and so on).
Answer:
leadership
dependability
analytical thinking
Initiative
Self control
Explanation: These are the common needed work styles by Nursery and Greenhouse managers currently.
Answer:
The correct answer is D
Explanation:
The journal entry which is to be posted on December 31, is as:
Rent receivable A/c............................Dr $4,400
Rent Earned A/c...............................Cr $4,400
As the two months rent is not paid so the adjusting entry which is to be posted is that the rent receivable account is debited whereas the rent earned account is credited with the amount of two months rent. (which is $2,200 + $2,200 = $4,400).
