All categories

3 years ago

Match each description to the appropriate cost flow assumption (a-c).

Business

1 answer:

pav-90 [236]3 years ago

6 0

Answer:

5. Produces the same cost of merchandise sold under both the periodic and the perpetual inventory system

Cost flow assumption: FIFO

6. Rarely used with a perpetual inventory system

Cost flow assumption: Weighted average

7. Produces results that are similar to the specific identification method

Cost flow assumption: FIFO

8. Widely used for tax purposes

Cost flow assumption: LIFO

9. Never results in either the highest or lowest possible net income

Cost flow assumption: Weighted average

10. Produces the highest gross profit when costs are decreasing

Cost flow assumption: LIFO

11. Produces the highest ending inventory when costs are increasing

Cost flow assumption: FIFO

12. Assigns the same value to all inventory units.

Cost flow assumption: Weighted average

13. Prohibited under International Financial Reporting Standards (IFRS) Cost flow assumption: LIFO

14. Does not follow the physical flow of goods in most cases

Cost flow assumption: LIFO

15. Cost of the latest purchases are assigned to ending inventory

Cost flow assumption: FIFO

You might be interested in

Acme Corporation is currently experiencing rising sales for a new-product idea it pioneered several months ago. Profits are also

kolezko [41]

Answer:

B) Market maturity

Explanation:

Product life cycle is the different stages involving a product's introduction through to its period of decline. Just as living organisms have life cycles, so do products as well. A product's life cycle involves three major stages; Introduction or Early stage, Maturity stage and Declination stage. The introduction stage involves the period the product is just fresh from the factory with different series of modelling and has yet to be introduced to the target market. Introduction stage includes the period it is now introduced to the target market. Maturity stage involves the period the product has been introduced to the market. At this stage, it can draw either positive or negative responses. When it draws a positive response, it means the target market enjoy the product and tend to purchase more with sales skyrocketing. Declination stage involves the period the product attracts low sales.

4 0

4 years ago

Off-balance-sheet activities consist of issuing financial instruments such as various types of guarantees and engaging in deriva

kramer

Answer:

True

Explanation:

Off balance sheet items are transactions that generate fees for the business (such as guarantees), and to hedge against future loss (such as futures investments).

Meaning assets and liabilities that are deferred or contingent to business success.

4 0

4 years ago

jennifer owns a state public purpose bond. she sells the bond and realizes a capital gain of $4,000. prior to selling the bond,

Mrrafil [7]

$4099 is the amount, Jennifer must include in her gross income for federal income tax purposes.

<h3>What is the difference between income and gross income?</h3>

The amount of money earned in a fiscal year before taxes are referred to as annual gross income. The sum of cash you earn in a fiscal year after certain deductions is your annual net income.

Given

Capital Gain = $4000

Interest earned = $99

Required to calculate Gross income for tax purposes =?

Gross income for tax purpose = $4000 + $99 = $4099

Employee's gross pay is what they earn before taxes, benefits, and other payroll deductions are deducted from their pay. Net pay, also known as take-home pay, is the amount left over after all withholdings are deducted. Their gross income for Jennifer includes capital gain and interest she earned on it.

Learn more about gross income here:

brainly.com/question/26479727

#SPJ1

3 0

2 years ago

Which of the following best represents the role of operations management (OM)? A. OM only plays an important role in services B

Alchen [17]

Answer: D. OM plays an equally important role in both manufacturing and services

Explanation: Operations management is the activity carried out for production in terms of development and coordination, with the objective of achieving competitive advantages.

Therefore, it is indifferent if a company operates in a manufacturing or service company, because the functions of the operations manager will be the same and will have the same relevance.

Example: An operations manager of a clothing factory will have the same functions as a manager in an airline, what will differentiate the goals will be the activities of the company.

3 0

4 years ago

The role of the Securities and Exchange Commission (SEC) in the formulation of accounting standards can be best described as1. i

Dvinal [7]

Answer:

2. Varied- the SEC relies on FASB to develop standards but gives advice and recommendations to the private sector as needed.

Explanation:

The FASB, Financial Accounting Standards Board is an independent non- profit organization, formed in 1973, that is tasked with establishing accounting as well as financial reporting standards for profit and nonprofit organizations in the USA. It also has the authority to interpret generally acceptable accounting principles for private and public companies in preparation of financial reports and presentation of such reports. The SEC like every other organization, relies on the FASB to formulate rules and regulations (standards) for public companies mainly while giving private companies recommendations. The FASB is recognized by state accounting boards such as AICPA (American Institute of Certified Public Accountants) among other accounting boards.

I hope this helps.

8 0

4 years ago