Which one of the following statements regarding changing inventory costing methods is true?
A) A change in inventory costing methods can be justified if the change is made after the completed financial period.
B) Changing inventory costing methods violates consistency.
C) One place that the reader of an annual report would be able to identify that a company changed inventory costing methods is the statement of stockholders' equity.
D) Tax advantages are valid justification for changing inventory costing methods.
B
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Valuation methods that reflect current values or a combination of historical and current values include all of the following except:
a. fair value for assets and liabilities. b. current replacement cost for assets. c. net realizable value for assets. d. adjusted acquisition costs for assets.
A global strategy tends to be used when a company faces strong pressures for reducing costs and limited pressure to adapt products for local markets.
Answer the following statement true (T) or false (F)
An important implication of the rise in electronic banking to retailers is the _____
a. growth in national credit and debit cards b. growth in banking from home c. increase in collection responsibilities d. increase in importance of retailer-generated credit cards
Financial accounting information is reported for the company as a whole.
Answer the following statement true (T) or false (F)