What accounting method gives retailers a tax advantage when inventory values are rising?
a. cost method of accounting
b. retail method of accounting
c. LIFO
d. FIFO
c
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Chang Co issued a $50,000, 120-day, discounted note to Guarantee Bank. The discount rate is 6%. Assuming a360-day year, the cash proceeds to Chang Co are
a. $49,750 b. $47,000 c. $49,000 d. $51,000
The accountant for Fazzi Corp was preparing a bank reconciliation as of April 30, 2016 . The following items were identified: Allan's book balance $46,200 Outstanding checks 1,100 Interest earned on checking account 50 Customer's NSF check returned by the bank 500 In addition, Fazzi made an error in recording a customer's check; the amount was recorded in cash receipts as $150; the bank recorded
the amount correctly as $510 . What amount will Fazzi report as its adjusted cash balance at April 30, 2016? a. $44,650 b. $45,890 c. $46,110 d. $46,250
When the promotions of an event use newspaper ads, spot announcements on local radio stations, circulars, and news releases, all focused on the same theme, together they make up a(n) _____
Fill in the blank(s) with correct word
A preexisting duty ________ consideration to support a new contract.
A. is sufficient B. in government contracts can be sufficient C. between family members is sufficient D. is not sufficient