Which of the following inventory costing methods yields the lowest net income during a period of rising inventory costs?
A) specific identification
B) weighted-average
C) last-in, first-out
D) first-in, first-out
C) last-in, first-out
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According to generally accepted accounting principles, goodwill is recorded as an asset
a. when favorable factors combine to create goodwill. b. when a company has superior earning power. c. when it is paid for as part of the purchase of a business. d. under no circumstances.
Which of the following would be an addition to net income when using the indirect method to derive net cash flows from operating activities?
a. Payment of cash dividends b. Decrease in accounts payable c. Increase in merchandise inventory d. Loss on sale of machinery and equipment
What information should be contained in a subsidiary ledger for Work in Process Inventory in a job-order costing system?
The increased participation of women in the workforce, longer commuting times, and increased numbers of single parents all contribute to the increased importance of _____ through direct marketing
a. low costs b. greater personalization c. convenience d. greater customer service