Which of the following statements is MOST characteristic of the production era?
A. "Advertising is the key to our success."
B. "We need to cater to the diverse needs of consumers."
C. "The more options we offer consumers, the better."
D. "If we sell harder, we will sell more."
E. "If we can make it, it will sell."
Answer: E
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Summer, Inc has been in business for 20 years. During that time the company has consistently used the LIFO inventory costing method. Because of inflation, prices for merchandise have increased consistently over the 20 years. The company has maintained the same inventory quantities over the 20-year period. Which one of the following statements is true?
a. Summer, Inc. will have paid more income taxes over the past 20 years than it would have if it had used the FIFO method. b. Summer, Inc.'s total net income for the past 20 years is greater than it would have reported using another inventory method. c. Summer will have to continue using the LIFO method indefinitely because of generally accepted accounting principles and federal income tax rules. d. The ending inventory figure reported on the balance sheet may be significantly lower than its current value.
Copyrights are addressed separately by different state laws
Indicate whether the statement is true or false
Insuring assets and requiring all accounting personnel to have CPA licenses are two important principles of internal control.
Answer the following statement true (T) or false (F)
Beginning finished goods inventory plus cost of goods manufactured minus ending finished goods inventory equals cost of goods sold.
Answer the following statement true (T) or false (F)