For what reason might retailers like Target select an accounting period that ends on or near the end of January?
a. The company's CPAs are attempting to spread out the workload.
b. The Internal Revenue Service requires merchandise companies to select such a date for their fiscal year.
c. The company originally started business operations on that date.
d. Business activity has reached a slow period that is suited to the preparation of its financial statements at the end of the year.
d
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Why is the enforcement of ethical standards important? What amount of enforcement should be used?
What will be an ideal response?
In which of the following ways does a background check differ from a reference check in terms of gathering behavioral information?
a. It is more valuable to the hiring authority. b. It reveals more about character. c. It is more objective. d. It is legally required for most positions.
Which of the following will occur when inventory costs are decreasing?
a. LIFO will result in lower net income and lower ending inventory than will FIFO. b. FIFO will result in lower net income and lower ending inventory than will LIFO. c. LIFO will result in a lower net income, but a higher ending inventory, than will FIFO. d. FIFO will result in a lower net income, but a higher ending inventory, than will LIFO.
Joey set up a lawn-mowing business in his neighborhood. He currently has 7 customers that want their lawns mowed each week, for which he charges $25.00 each. Joey spends $10.00 a week in gas and another $17.00 in yard waste bags and stickers. What is Joey's weekly revenue?
A. $88.00 B. $175.00 C. $148.00 D. $158.00 E. $105.00