The IRS is a subsidiary agency of the Department of the ____________________
Fill in the blank(s) with correct word
Treasury
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The Bronson Company changed its method of determining inventories from LIFO to FIFO. This change represents a
A) change in accounting estimate that should be treated prospectively. B) change in accounting principle that should be treated prospectively. C) change in accounting estimate for which the financial results of previous years are restated. D) change in accounting principle for which the financial statements of prior periods included for comparative purposes are restated.
____________________ benefits can be measured and expressed in financial terms, while ____________________ benefits cannot be easily measured and/or quantified
Fill in the blank(s) with correct word
A preponderance of "no opinion" responses would tend to indicate a:
A) yea-saying pattern B) nay-saying pattern C) middle-of-the-road pattern D) riding the fence pattern E) non-existent pattern
If the CEO of a large and diversified firm were filling out a fitness report on a division manager (i.e., "grading" the manager), which of the following situations would be likely to cause the manager to receive a better grade? In all cases, assume that other things are held constant.
A. The division's basic earning power ratio is above the average of other firms in its industry. B. The division's total assets turnover ratio is below the average for other firms in its industry. C. The division's total debt to total capital ratio is above the average for other firms in the industry. D. The division's inventory turnover is 6×, whereas the average for its competitors is 8×. E. The division's DSO (days' sales outstanding) is 40 days, whereas the average for its competitors is 30 days.