Under the periodic inventory system, cost of goods sold is not recorded until the end of the accounting period
Indicate whether the statement is true or false
T
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Outside marketing research companies hired to supply marketing research data are called external suppliers
Indicate whether the statement is true or false
A firm using FIFO had a beginning inventory of $48,000, an ending inventory of $56,000, and a pretax income of $400,000 . If it had used LIFO, its beginning inventory would have been $20,000, its ending inventory would have been $16,000, and its pretax income would have been:
a. $374,000 b. $388,000 c. $396,000 d. $404,000 e. $412,000
Which of the following best describes how a corporation, which has not made any special tax
elections, and its shareholders, are taxed? A) The corporation is taxed, and the shareholders are taxed on their dividends. B) The corporation is taxed, but the shareholders are not taxed on their dividends. C) The corporation is not taxed, but the shareholders are taxed on their dividends. D) Neither the corporation nor its shareholders are taxed. E) They are taxed as a partnership is taxed.
Brad is an employee of Custodial Service, Inc. In deciding whether Brad acts within the scope of his employment when he commits a tort against Didi, a court will not consider whether
A. Brad indicated that he was acting on behalf of Custodial. B. Custodial authorized the act. C. Custodial furnished the means by which the injury was inflicted. D. the act is one commonly performed by employees for their employers.