Answer the following statements true (T) or false (F)
1) When using the FIFO inventory costing method, ending merchandise inventory will be the highest, as compared to LIFO and weighted-average inventory costing methods, when costs are decreasing.
2) When using the LIFO inventory costing method, ending merchandise inventory will be the lowest, as compared to FIFO and weighted-average inventory costing methods, when costs are increasing.
3) When using the specific identification inventory costing method, ending inventory costs depend on which costs are assigned to the inventory sold.
4) Companies can choose between reporting ending Merchandise Inventory using specific identification, FIFO, LIFO, weighted-average, or lower-of-cost-or-market.
5) The lower-of-cost-or-market rule demonstrates accounting conservatism in action.
1. FALSE
2. TRUE
3. TRUE
4. FALSE
5. TRUE
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Answer the following statement true (T) or false (F)
Raj, a sales representative for a software firm, Orion, is giving a sales presentation to Marion, a buyer for a large manufacturing firm, Global-Tech
A sales agreement between the two firms would establish a partnering relationship and a strategic alliance. Which of the following questions is most important to Marion as she makes a buying decision? A) Is Raj a well-qualified sales representative? B) Can Raj be trusted to offer viable solutions? C) Will Raj's product be delivered in a timely manner? D) What competencies can Orion provide to Global-Tech? E) Are the values and principles of Orion and Global-Tech similar?
Downsizing might result in a(n)
a. reduction in workforce. b. restructuring of processes. c. elimination of noncore businesses. d. all of the above.
To save time, you should thoroughly proofread a document as you write it
Indicate whether the statement is true or false