In the event of a RICO violation, the government can seek the divestiture of a defendant's interest in a business
Indicate whether the statement is true or false
T
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Summer, Inc has been in business for 20 years. During that time the company has consistently used the LIFO inventory costing method. Because of inflation, prices for merchandise have increased consistently over the 20 years. The company has maintained the same inventory quantities over the 20-year period. Which one of the following statements is true?
a. Summer, Inc. will have paid more income taxes over the past 20 years than it would have if it had used the FIFO method. b. Summer, Inc.'s total net income for the past 20 years is greater than it would have reported using another inventory method. c. Summer will have to continue using the LIFO method indefinitely because of generally accepted accounting principles and federal income tax rules. d. The ending inventory figure reported on the balance sheet may be significantly lower than its current value.
The Sales Discount account is a(n)
a. revenue account; b. contra-revenue account; c. expense account; d. contra-expense account; e. contra-asset account
What did Selman & Saks hope to gain by entering the French market?
A) access to new consumer markets B) access to less expensive labor C) access to less expensive materials D) access to foreign investment incentives E) the ability to offset domestic economic cycles
Which of the following statements is true?
A) Stockouts can occur at any time in the inventory cycle. B) Stockouts do not depend on the frequency of reorder. C) The cost of a stockout will vary depending on the market served, the customer, and competition. D) Stockouts do not cost money because customers are willing to wait. E) All of the above statements are true.