In periods of rising prices, the FIFO method will result in a larger gross margin than the LIFO method
Indicate whether the statement is true or false
T
You might also like to view...
A company sells a particular product only in the last month of its fiscal year. The company uses commission agents for such sales and pays them 6% of their net sales 30 days after the sales are made. The agents' sales were $10 million. Experience indicates that 10% of the sales are usually not collected and 2% are returned in the first month of the new year. The auditor would expect the year-end balance in the accrued commissions payable account to be:
A. $540,000. B. $588,000. C. $600,000. D. $528,000.
The metric and non-metric MDS methods often produce vastly different results
Indicate whether the statement is true or false
Which of the following statements is correct??
A. ?The corporate bylaws are the set of rules drawn up by the state to enable managers to run the firm in accordance with state laws. B. ?Procedures for electing corporate directors are contained in bylaws. C. ?Procedures that govern changes in the bylaws of the corporation are contained in the corporate charter. D. ?Although most companies design a charter, only the bylaws are legally required to be filed with the secretary of state in order for a corporation to be in official existence. E. ?The declaration of the activities that the firm will pursue and the number of directors are included in the corporate charter.
Historically, a company that mails its monthly catalog to potential customers receives orders from 8 percent of the addresses. If 500 addresses are selected randomly from the last mailing, what is the probability that between 35 and 50 orders were received from this sample?
a. 0.0496 b. 0.2049 c. 0.7444 d. 0.7951 e. 0.9504