Many experts in the field advocate this approach for projecting revenue for a new startup?
a. A top-down approach
b. A bottoms-up approach
c. A lateral approach
d. A financial template
b. A bottoms-up approach
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Special journals save substantial time because
a. account titles don't have to be written for each entry; b. summary posting is done monthly; c. totals are posted instead of individual transactions; d. all of these; e. none of these
Answer the following statements true (T) or false (F)
1) Using the FIFO method of inventory valuation will always produce the same results for cost of goods sold and ending inventory whether a company uses perpetual or periodic inventory costing methods. 2) The amounts obtained for cost of goods sold and ending merchandise inventory are not the same for FIFO perpetual and FIFO periodic. 3) Using the LIFO method of inventory valuation will always produce the same results for cost of goods sold and ending inventory whether a company uses perpetual or periodic inventory costing methods. 4) Assuming that costs are changing during the accounting period, under the last-in, first-out inventory costing method, the amount of cost of goods sold calculated using the perpetual inventory system will usually differ from the amount calculated using the periodic inventory system. 5) When using the LIFO inventory costing method and the periodic inventory method, the ending inventory comes from the newest costs of the period.
Flask Company reports net sales of $4,315 million; cost of goods sold of $2,808 million; net income of $283 million; and average total assets of $2,136. Compute its total asset turnover.
A. .13 B. .50 C. 1.31 D. .76 E. 2.02
An argument in support of corporate liability is the fact that corporate personnel are expendable
Indicate whether the statement is true or false