A method of allocating merchandise cost that assumes the first merchandise bought was the first merchandise sold is called the
a. last-in, first-out method.
b. first-in, first-out method.
c. specific identification method.
d. average cost method.
b
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Third Bank has reserves of $12.3 million and transaction accounts of $115 million. If required reserves are 10 percent of transactions accounts, Third Bank has excess reserves of
A. ?$0.8 million. B. $0. C. $0.8 million D. $0.08 million
In ______ cultures, competition is valued and guilt is used as punishment, whereas in ______ cultures, connections are valued and shame is used as punishment.
A. high-context; low-context B. low-context; high-context C. collectivist; individualist D. individualist; collectivist
The following steps in the accounting cycle are presented out of order below. Arrange the steps in proper order by placing a number from 1 through 6 in the blanks provided. Also identify each step as either a recurring activity (RA) -one that would be repeated during the fiscal period-or an end-of-period activity (EOP)-one performed at the end of the accounting period. ______ a. Prepare an
adjusted trial balance. ______ b. Record entries in the journal. ______ c. Adjust the accounts. ______ d. Prepare a trial balance. ______ e. Analyze business transactions from source documents. ______ f. Post entries to the ledger. Fill in the blank(s) with correct word
What is the marginal tax rate and how is it determined?
What will be an ideal response?