Which one of the following statements is true?
a. Accountants have developed methods which make assumptions concerning how costs should be assigned to inventory and cost of goods sold.
b. Alternative inventory cost flow assumptions have the same effect on the amount of net income reported.
c. Accounting standards require that merchandise costs be specifically traced to units left in inventory and to units that have been sold.
d. The flow of inventory costs should match the physical flow of the merchandise.
a
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Indicate whether the statement is true or false
Administrative agencies ________.
A. are better suited to using the slower, case-by-case approach followed by the courts and the cumbersome law-making process that frequently characterizes legislation B. cannot perform legislative and judicial functions C. cannot adjudicate disputes involving alleged violations of their regulations D. can investigate and prosecute violations of statutes and regulations
Significant changes in the competitive market and a decrease in the competitiveness of the client's products are potential indicators of going-concern problems
a. True b. False Indicate whether the statement is true or false
The Marketing Research Association is an organization that ________
A) supports the interests and development of customers needing research B) oversees the Professional Researcher Certification C) monitors the Internet for organizations that spam D) audits research firms for the purpose of improving data collection procedures E) is a lobbying organization representing multinational firms