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Q. Show Tax benefits of LIFO?
Tax benefits of LIFO The LIFO method outcomes in the lowest taxable income and thus the lowest income taxes when prices are rising. The Internal Revenue Service permits companies to use LIFO for tax purposes only if they use LIFO for financial reporting purposes. Companies may as well report an alternative inventory amount in the notes to their financial statements for comparison purposes. For the reason that the high inflation during the 1970s numerous companies switched from FIFO to LIFO for tax advantages.
Q. What is Passage of title in transpotation? Passage of title is a term that point to the transfer of the legal ownership of goods. Title to the goods usually passes from sell
What time is it?
Write notes on 5 modern accounting techniques
What is OWNER'S EQUITY Difference between Liabilities and Assets is Owner's Equity. The can also be known as capital, proprietorship, or net worth.
format of the account
The salaries paid in 2004 is Rs. 5,00,000; Salaries outstanding is Rs. 20,000; Salaries paid in advance for 2004 is Rs. 30,000. What is the actual salary expenditure for 2004? Wh
Q. What do you mean by Net sales? We demonstrate a condensed income statement to emphasize its major divisions. Next, we explain the more complete income statement actually pre
Hawkeye Electric Company engaged in the following transactions during July. Journalize the preceding transactions on the books of Hawkeye Electric Company using the perpetual sys
State the term- Purchases Returns and Allowances Purchases Returns and Allowances is the name of the account which provides better control of allowances and returns of mercha
matt schmidt company''s ledger shows the amount of
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