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saveliy_v [14]
3 years ago
13

A company can choose to use FIFO inventory costing methods for the financial statement and can elect to use either LIFO or FIFO

on the tax return, however if you use LIFO for books then you must use LIFO on the tax return
A. True.
B. False.
Business
1 answer:
Oduvanchick [21]3 years ago
8 0

Answer:

A. True.

Explanation:

Companies can and often do use different costing methods for financial reporting and tax reporting. The only exception is when LIFO is used for tax reporting; in this case the IRS requires that it also be used in financial statements.

LIFO assigns the highest amount to cost of goods sold - yielding the lowest gross profits and net income , which also yields a temporary tax advantage by postponing payment of some income tax.

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What is a market economy regulated by?
miskamm [114]

Answer:

Producers and consumers :)

Explanation:

Market economies are run by buyers and sellers, there is no government involved.

6 0
3 years ago
Nonuniform Inputs, Equivalent Units Terry Linens Inc. manufactures bed and bath linens. The bath linens department sews terry cl
anyanavicka [17]

Answer:

For Material 80,000

For Conversion 72,000

Explanation:

The computation of equivalent units of production for the bath linens department for August is shown below:-

                                     <u>Materials</u>               <u>Conversion</u>  

Units completed and

transferred out              60,000                   60,000

Units in process,

August 31                      20,000                   12,000

                                                               (20,000 × 60%)

Equivalent units of

production                   80,000                   72,000

Therefore to reach out the equivalent units of production we simply added the units completed and transferred out with Units in process Aug 31 of material and conversion.

4 0
3 years ago
Which of the following transactions would be recorded if using the accrual basis of accounting but not if using the cash basis o
balu736 [363]

Answer:

B. Purchasing inventory on account

Explanation:

The Purchase of inventory on account is not recorded when the cash basis of accounting is recorded but where as it is recorded when accrual basis of accounting is used.

6 0
3 years ago
Read 2 more answers
22. Which resource management activity establishes common definitions for capabilities of personnel, equipment, teams, supplies,
NemiM [27]

Answer:

Identifying and typing resource

Explanation:

Measurable defined or stated as the capabilities as well as the levels of the performance, resources are identified or recognized and the basis for every category.

The resources comprise of the following kinds or types, which are equipment, aircraft, teams, vehicles and supplies.

Resources are the categories of the typing through the capability, the mobilized the incident management and the response.

Therefore, the identifying and the typing resource is the resource management activity.

6 0
3 years ago
The alkene that is responsible for strong smell of orange is
SVETLANKA909090 [29]
The alkene that is responsible for strong smell of orange is limonene. The limonene is <span>common </span>D-isomer, <span>a naturally occurring chemical which is the major component in oil of orange. </span>It is used<span> as a </span>fragrance<span> in </span>perfumery and cosmetic products, but also<span> as a </span>flavoring<span> to mask the bitter taste of </span>alkaloids and foods. 

5 0
3 years ago
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