Changes in accounting estimates are:
A. Accounted for with a cumulative "catch-up" adjustment.
B. Accounted for in current and future periods.
C. Extraordinary items.
D. Considered accounting errors.
E. Reported as prior period adjustments.
Answer: B
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Davis Company began manufacturing operations on January 2, 2018. During 2018 Davis reported pre-tax book income of $85,000 and had taxable income of $75,000. Davis had a temporary difference relating to a prepaid asset which will be expensed as follows for book purposes: 2019$7,5002020$2,500The enacted tax rates are 30% for 2018 and 2019; and 40% for subsequent years.Income tax expense for 2018 is:
A. $19,250. B. $25,750. C. $22,500. D. $30,000.
Which of the following questions can procurement help a company answer?
A. What is the quickest way to deliver products to our customers? B. What is the optimal path to an item in the warehouse? C. What is the optimal way to place items in the warehouse for picking and packing? D. How can we guarantee that our raw materials meet production needs?
What term do the authors use to describe the ability some people have to identify opportunities?
a. perception b. alertness c. intuition d. instinct
In the context of the business environment, the creation of the World Wide Web is considered a component of the _____.
A. economic environment B. social environment C. cultural environment D. technological environment