Which of the following inventory methods when used for income tax purposes must also be used for reporting purposes?
A) Specific identification
B) LIFO
C) FIFO
D) Average-cost
B
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Which of the following is not a typical analytical procedure?
A. Comparison of the financial information with budgeted amounts. B. Comparison of recorded amounts of major disbursements with appropriate invoices. C. Study of relationships of the financial information with relevant nonfinancial information. D. Comparison of the financial information with similar information regarding the industry in which the entity operates.
Which of the following is true about the ability of a member of an LLC to bind a
member-managed LLC to a contract? A) Members of the LLC have authority to bind the LLC, and if this authority is restricted by agreement, then it will terminate any risk of the member binding the LLC to a contract. B) Members of the LLC have authority to bind the LLC to contracts only if this authority is granted in the operating agreement. C) Members of the LLC have authority to bind the LLC, and this authority cannot be taken away. D) Members of the LLC have authority to bind the LLC, and if this authority is restricted by agreement, there remains a risk that the member retains apparent authority to bind the LLC unless appropriate steps are taken.
When implementing an ERP system, it is best to provide all users with access to all menu systems, so they can see what is going on within the system.
Answer the following statement true (T) or false (F)
Neci and Olwen want to form and do business as a corporation—Pastries & PiesInc A corporation is a legal entity created and recognized by
a. a central federal administrative agency. b. a city or county clerk's office. c. an artificial legal person. d. state law.