If legally allowed, during periods of rising inventory values, a retailer using the FIFO (first-in-first-out) method could reduce its tax liability by _____
a. using the cost method of retail accounting
b. maintaining a book inventory
c. calculating deductions from retail value
d. switching to LIFO
d
You might also like to view...
Prowse Corporation is an oil well service company that measures its output by the number of wells serviced. The company has provided the following fixed and variable cost estimates that it uses for budgeting purposes. Fixed Element per Month Variable Element per Well ServicedRevenue $4,000Employee salaries and wages$43,800 $1,000Servicing materials $600Other expenses$38,200 ?A total of 42 wells were actually serviced during October.?The revenue in the company's flexible budget for October would have been closest to:
A. $168,000 B. $170,400 C. $148,000 D. $150,114
All the following statements about symmetric key cryptography are true except:
A. in symmetric key cryptography, both the sender and the receiver use the same key to encrypt and decrypt a message. B. the Data Encryption Standard is a symmetric key encryption system. C. symmetric key cryptography is computationally slower. D. symmetric key cryptography is a key element in digital envelopes.
Describe the conceptual framework used by FASB and the IASB to guide their standard-setting decisions
The first step in territory management is to classify all customers according to potential sales volume
Indicate whether the statement is true or false