Which inventory costing method results in the lowest income tax expense during a period of decreasing prices?
a. FIFO
b. LIFO
c. Specific Identification
d. Weighted Average Cost
a
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Cash dividends of $45,000 were declared during the year. Cash dividends payable were $10,000 at the beginning ofthe year and $15,000 at the end of the year. The amount of cash for the payment of dividends during the year is
a. $50,000 b. $40,000 c. $55,000 d. $35,000
The bank informs a customer that a service charge has been assessed on their account by including a credit memorandum in the monthly bank statement
a. True b. False Indicate whether the statement is true or false
Which term describes the type of threat which occurs when top management threatens to replace the audit firm because of a disagreement over an accounting issue?
a. Management participation threat. b. Undue influence threat. c. Adverse interest threat. d. Financial self-interest threat.
The step that follows preapproach in the personal selling process is ________
A) sales presentation B) close the sale C) overcome objections D) prospecting E) approach