____________ maintain the status quo, promote stability, and ensure the smooth running of operations.
What will be an ideal response?
Managers
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Accountants should be aware that LIFO liquidations can potentially result in which of the following?
a. If older less costly layers are liquidated, a correspondingly lower cost of goods sold will result. b. If older less costly layers are liquidated, the company may be faced with higher taxes for those deferred in previous periods. c. If older less costly layers are liquidated, a correspondingly higher gross profit will result. d. All of these could result.
Management accounting activities
A) are synonymous with financial accounting activities. B) are substitute for the management process. C) complement the management process. D) have nothing to do with the management process.
The main reason that the bank statement cash balance and the company's cash balance do not initially balance is due to timing differences
Indicate whether the statement is true or false
A mixed cost
A) contains both a fixed and variable component B) is always easy to separate C) will decrease as output increases D) none of the answers are correct