Difficulty in adjusting inventory values to reflect style changes is a problem associated with _____
a. the cost method of accounting
b. the retail method of accounting
c. FIFO
d. LIFO
a
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When considering the roles of coalition partners, fence sitters are parties who will not take a stand on a given issue.
Answer the following statement true (T) or false (F)
Which of the following is not an example of an external user of accounting information?
A) Potential and existing stockholders B) Government taxing agencies C) Potential and existing creditors D) Management
A company that uses a perpetual inventory system purchased inventory on account and later returned goods worth $500 to the vendor. Which of the following would be the correct journal entry to record these returns?
A) Purchase Returns 500 Accounts Payable 500 B) Accounts Payable 500 Purchase Returns 500 C) Merchandise Inventory 500 Accounts Payable 500 D) Accounts Payable 500 Merchandise Inventory 500
Mark reviewed his homeowners policy. He learned that his personal property was insured on an actual cash value basis
He would like replacement cost coverage on his personal property. He contacted his agent who said, "I'll simply add an amendment to your contract that changes the basis of recovery to replacement cost." The written provision the agent was referring to is called a(n) A) endorsement. B) coinsurance clause. C) binder. D) deductible.