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saveliy_v [14]
2 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]2 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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A shop sells 20 hats per week at $10 each. When it increases the price to $12, the number of hats sold falls to 15 per week. We
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Answer:

Estimated as Elastic Demand

Explanation:

Elastic demand is where a change in price causes a significant change in demand, therefore 20 hats to 15 hats can be considered significant and we can conclude that it's elastic demand.

7 0
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When a single broker represents both parties in a real estate transaction, a _______ agency may exist.
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Answer:

Dual

Explanation:

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It should be noted that When a single broker represents both parties in a real estate transaction, a dual agency may exist.

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soldier1979 [14.2K]

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3 years ago
Document that prohibits sharing information with anyone else?
mamaluj [8]

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RODO (GDPR) – Rozporządzenie o Ochronie Danych Osobowych.

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One factor that allows saudi arabia to successfully use strategic trade protectionism to increase oil revenues is that?
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Nations are unable to react by placing limitations on other imports from Saudi Arabia.

What is Strategic Trade?
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To learn more about Strategic Trade
brainly.com/question/17102390
#SPJ4

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