Which of the following is NOT a contributing factor to the segmentation of capital markets?
A) excessive regulatory control
B) perceived political risk
C) anticipated foreign exchange risk
D) All of the above are contributing factors.
Answer: D
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Which of the following statements is true?
a. A company must use the FIFO cost flow assumption for taxes as well as for financial accounting and reporting. b. A company may use FIFO for inventory valuation purposes on the balance sheet provided that LIFO cost of goods sold is reported on the income statement. c. Application of LIFO for financial reporting purposes must strictly follow IRS regulations relating to LIFO. d. LIFO is the only inventory method that must be used for financial reporting purposes if used for tax purposes.
A voucher is an external document used to accumulate information to control cash payments and to ensure that a transaction is properly recorded.
Answer the following statement true (T) or false (F)
A company, using the periodic inventory system, has merchandise inventory costing $175 on hand at the beginning of the period. During the period, merchandise costing $635 is purchased. At year-end, merchandise inventory costing $160 is on hand. The cost of merchandise sold for the year is
A) $970 B) $650 C) $300 D) $620