An assumption about cost flow is necessary
a. because it is required by income tax regulations.
b. only when the flow of goods cannot be determined.
c. because prices usually change, and tracking which units have been sold is difficult.
d. even when there is no change in the purchase price of inventory.
C
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In contrast to a real-time system, in a batch processing system
a. there is a lag between the time when the economic event occurs and the financial records are updated b. relatively more resources are required c. a greater resource commitment per unit of output is required d. processing takes place when the economic event occurs
A VP of Global Products at Tiffany's is in the process of developing financial and strategic objectives. Tiffany's is a luxury jewelry and accessories company. The VP realizes she needs to add short-term and longer-term performance targets. Is it important for her to spell out both short-term and long-term performance targets? Which time frame is more important? Are there tradeoffs involved? Explain.
What will be an ideal response?
A doctor who stops to assist at a scene of an emergency typically will have protection from negligence under Good Samaritan laws
Indicate whether the statement is true or false
If the company's inventory items have declined in value from damage or obsolescence, what effect will the lower-of-cost-or-market rule have on the amount of inventory shown on the balance sheet?Why?
What will be an ideal response?