1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
Dennis_Churaev [7]
3 years ago
7

A one-time error in the application of the lower of cost or market/net realizable value (LCM/NRV) rule in the current period dis

torts financial results for the current accounting period:
a. only.
b. The period before.
c. The period after.
d. All periods after.
Business
1 answer:
Kipish [7]3 years ago
8 0

Answer:

A one-time error in the application of the lower of cost or market/net realizable value (LCM/NRV) rule in the current period distorts financial results for the current accounting period:

a. only.

Explanation:

The lower of cost or market (LCM/NRV) method states that when valuing a company's inventory use the historical cost or the market value, whichever is lower.  The historical cost refers to the cost at which the inventory was purchased.  The market value is the current price.  The implication is that while the historical cost remains static, the market value shifts over time.

Therefore, if there is a one-time error made in the use of the LCM/NRV rule, it only affects the current period.  The next accounting period will restart the process of comparing the historical costs with the market value, thus obviating the need to repeat the error.

You might be interested in
Marking brainliest!! Ms. Rivera needs advice. She wants to pay her taxes on time and figure out how she can save money to retire
Yuki888 [10]
A. Personal

Personal accountant: A person who has the requisite skill and experience in establishing and maintaining accurate financial records for an individual or a business.
5 0
2 years ago
Read 2 more answers
Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are invol
vampirchik [111]
Firms that take voluntary actions to address the ethical, social, and environmental impacts of its business operations are involved in a Corporate Social Responsibility. Hope this helps. <span />
8 0
3 years ago
Which type of small store carries a limited line of high-turnover convenience goods and makes most of its revenues from cigarett
Romashka-Z-Leto [24]
C) convenience de others don’t make most of its revenues from those items
6 0
3 years ago
1. You are investing $100 today in a savings account at your local bank. Which one of the following termsrefers to the value of
ahrayia [7]
He earned 11$ interest on his 100$
4 0
3 years ago
Read 2 more answers
The nielsen company gathers data on what products people use as well as how they feel about them. this company uses sociological
Andrei [34K]

The nielsen company gathers data on what products people use as well as how they feel about them. this company uses a hypothesis sociological research methods as one of the leaders in what field.

Research is “creative and systematic work to increase the body of knowledge”. Information must be collected, organized, and analyzed to develop a better understanding of a topic or issue. A research project can be an extension of previous work in the field.

Research studies are conducted to discover new information or answer questions about how we learn, behave and function, with the ultimate goal of benefiting society. increase. Some surveys may involve simple tasks such as filling out questionnaires, observing in groups, and participating in group discussions.

Learn more about research here:brainly.com/question/968894
#SPJ4

6 0
1 year ago
Other questions:
  • One way the U.S. Department of Commerce helps potential exporters is by providing export specialists who act as the export marke
    12·1 answer
  • Rains Company is a furniture retailer. On January 14, 2022, Rains purchased merchandise inventory at a cost of $58000. Credit te
    14·1 answer
  • Crane Company distributes to consumers coupons which may be presented (on or before a stated expiration date) to grocers for dis
    12·1 answer
  • What is a toxic leader?
    15·2 answers
  • In specialized fields, technical knowledge is more important to employers than communication skills when deciding whom to hire a
    6·1 answer
  • Corporation makes one product. July August September October Budgeted unit sales 8,500 9,000 13,900 11,100 - The ending finished
    15·1 answer
  • KCCO, Inc., has current assets of $4,200, net fixed assets of $23,400, current liabilities of $3,750, and long-term debt of $8,4
    5·1 answer
  • Even as it begins to produce the Mirai for the U.S. market, Toyota continues to manufacture its traditionally fueled cars, truck
    9·1 answer
  • g jimmy is an employee of Roofing, Inc., which is performing a contract for the federal government. Jimmy learns that Roofing, I
    9·1 answer
  • bookmark question for later what is a common axiom for information technology professionals? communicate! become an expert know
    12·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!