Which statements regarding changing inventory method is true

Assignment Help Financial Accounting
Reference no: EM132904103

Problem 1: Which of the following statements regarding changing inventory methods is true?

A) A change in inventory methods can be justified if the change is made to better match profits with revenue.

B) Changing inventory methods affects consistency.

C) One place that the reader of an annual report would be able to identify that a company changed inventory methods is the statement of stockholders' equity.

D) Tax advantages are valid justification for changing inventory methods.

Reference no: EM132904103

Questions Cloud

What is ambient advertising : What is Ambient advertising - Displaying advertisements on weird items or in strange locations
Explain how computers are networked : Explain how computers are networked. Describe common network topologies.
Determine the effect of the given transactions on net income : DeMarco Company had the selected transaction in FVTPL. Determine the effect of the given transactions on the net income or loss for 2008. Is it income or loss?
Reasons for two new auditing roles in oracle : Discussing the reasons for the two new auditing roles in Oracle 12c. Why did Oracle consider them necessary?
Which statements regarding changing inventory method is true : Which statements regarding changing inventory methods is true? A change in inventory methods can be justified if the change is made to better match profits.
What was the arithmetic average return on the company stock : What was the arithmetic average return on the company's stock over this five-year period? What was the variance of the company's stock returns over this period?
What the equipment must generate reductions in annual cash : Jasper Company has a payback goal of three years, To meet company's payback goal, equipment must generate reductions in annual cash operating costs of at least?
Consider the consequences for non-compliance : Explain PCI compliance to the database administrator at a large retailer. Consider the consequences for non-compliance.
Find total budgeted cash collections for yekstop corp : Find Total budgeted cash collections for Yekstop Corp. in December are? Management estimates that 4% of credit sales are eventually uncollectible

Reviews

Write a Review

Financial Accounting Questions & Answers

  Defendants account for the same dispute differently

Lifschultz Industries, a small gas meter company, once reported a book value of less that zero. Explain the differences between how Lifschultz should account for the suit and how the three trucking companies should account for it.  Provide economic r..

  Reviewing the internal controls of the computer system

As an internal auditor for the Quick Manufacturing Company, you are participating in the audit of the company’s AIS. You have been reviewing the internal controls of the computer system that processes most of its accounting applications. You have stu..

  Risks of material misstatement at the financial statement

Question 1: Describe any risks of material misstatement at the financial statement level.

  What type of Capital Structure does Maria Corporation have

During 2019, the corporation had issued $ 6,000,000 of 8.0% convertible bonds at face value. What type of Capital Structure does Maria Corporation have

  What did johnny acquire the rights to

What (journal entry title) did Johnny acquire the rights to? (eg. copyright, license, patent) What journal entries need to be made with this information?

  Balance sheet information is provided for jordan company

balance sheet information is provided for Jordan Company for 2014: Assets Cash $ 7,000 Accounts receivable 13,150 Inventory 15,500 Prepaid expenses 2,300 Plant and equipment, net of depreciation 20,200 10740/26240

  Prepare the entry required on january

Each month interest expense of $100 by passing Adjusting entries transfer to the interest payable account.Prepare the entry required on January 1, 2018.

  How to find the semiannual a value

How to Find the semiannual A value, if capital funds are evaluated at 8% per year using two different compounding periods 8% per year, compounded semiannually

  Freight-in and stockroom costs-stocking of shelves

Al's Market, a successful neighbourhood convenience store, plans to expand by increasing the floor space of its building. The store is always busy and the parking lot is often full. Al's sells three major product lines: sodas and beer, dairy and fres..

  Pcaob issued order formally barring two former

Facts: On August 1, 2011, the PCAOB issued order formally barring two former Ernst & Young auditors from future audits of public companies. Peter C. O’Toole and Darrin G. Estella, as partner and senior manager for a public company audit, respectively..

  How would your portfolio change

Clearly and comprehensively describe why did you pick every security, what motivated you; give a short information about the issuer as well

  Job cost sheet for this job.

Compute the unit product cost that would appear on the job cost sheet for this job. (Round your answer to 2 decimal places. Omit the "$" sign in your response.)

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd