Which of the following is not true?
a. Acquisition cost for a merchandising firm includes the costs incurred to purchase and transport the inventory prior to sale.
b. Acquisition cost for a manufacturing firm includes the direct material, direct labor, and manufacturing overhead cost to produce the inventory.
c. If the market values of inventory items decline below acquisition cost prior to sale, firms must reduce their balance sheet carrying values using the lower of cost or market method.
d. If the market values of inventories increase during a period, IFRS permits firms to recognize the unrealized gain to the extent that the firm had previously recognized an unrealized loss on those inventory items.
e. If the market values of inventories increase during a period, U.S. GAAP permits firms to recognize the unrealized gain to the extent that the firm had previously recognized an unrealized loss on those inventory items.
E
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Where are foreign currency options traded?
What will be an ideal response?
Development of a transfer price involves
a. the use of the highest external market price so that the transferring division is very profitable. b. determination of an appropriate profit markup. c. computation of the selling and delivery costs of the item being transferred. d. the use of a team of lawyers representing the outside interests of the company.
Which of the following statements about the growth of diversity in the Americas and the United States is accurate?
a. All of the Americas’ transformation from indigenous to nonindigenous population occurred through waves of new immigrants seeking to improve their living conditions. b. Early European national colonies welcomed only their own nationals for settlement. c. The 1800s were marked primarily by growth of native populations with very little immigration. d. The 1800s saw very little increase in the religious diversity.
Matthew is a truck driver for Argosy, Inc (Argosy). He transports the supplies from a vendor to the company and returns the company truck to Argosy. He is not authorized to make any stops while transporting goods
After collecting the goods from the vendor, Matthew stops at a pub where he makes defamatory statements about a third party. Which of the following statements is true of this scenario? A) Both Matthew and Argosy are liable as Argosy is a disclosed principal. B) Both Matthew and Argosy are liable as Matthew committed the tort within the scope of his employment. C) Argosy is not liable as Matthew was in an unauthorized location according to company rules. D) If both Argosy and Matthew are found to be jointly and severally liable, Matthew would have to pay most of the damages based on the "deep pocket" concept.