A vertical analysis would be used if an analyst wants to see how gross profit of a company has changed from one year to the next
Indicate whether the statement is true or false
FALSE
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Which of the following is true regarding the application of lower-of-cost-or-market method under international accounting standards?
a. No lower-of-cost-or-market rule for inventory exists under international accounting standards. b. Inventory is recorded at the lower-of-cost-or-market value (defined as replacement cost of the inventory). c. Inventory is recorded at the lower-of-cost-or-market value defined as net-realizable value. d. Inventory is recorded at the lower-of-cost-or-market value defined as net-realizable value, minus the normal profit margin.
A credit card that carries the name of a sponsoring organization is called a(n)
A) affinity card. B) copyrighted card. C) trademark card. D) marketing card.
Juniper Ltd, a manufacturer of jams and jellies, has been sued by Trevor who alleges that
he consumed worms in one of their products and which made him severely ill. Juniper sells all of its products through an independent regional distributor Jellyco. Juniper's manufacturing process entails bottling the jams and jellies when the mixtures are at boiling temperatures and thereafter immediately sealing the containers. It therefore believes that it is impossible that worms could have been in its product when it left the manufacturing plant. Which of the following is its best defence to Trevor's claim? A) That it did not cause the defect in the product B) That it does not know how the defect occurred C) That Jellyco must have caused the defect D) That Trevor did not really suffer an injury E) That it owed no duty of care to Trevor
Redribbon Gallery reported the following assets on its December 31, 2017 balance sheet
Dec. 31, 2017 Dec. 31, 2016 Cash $35,000 $28,000 Accounts Receivable 97,000 85,000 Merchandise Inventory 80,000 62,000 Prepaid Expenses 29,000 20,000 Property, plant, and equipment, net 30,000 18,000 If the net sales for the year amounted to $850,000, what is the asset turnover ratio for 2017? What will be an ideal response