Which one of the following is not an advantage of LIFO?
A) In periods of rising prices, less income tax is paid.
B) In periods of rising prices, less holding gains are reported in net income.
C) Record keeping and financial statement preparation are easier.
D) Conservative income statements and balance sheet disclosures result from rising prices.
C
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Which of the following is not required to be disclosed in an entity's financial statements or accompanying footnotes?
A) the total amount of research and development costs charged to expense during the current year B) the method used to amortize the entity's intangible assets C) a material amount of internally developed goodwill D) accumulated amortization on the entity's intangibles as of its year-end
The process of acquiring raw materials is part of the conversion cycle
Indicate whether the statement is true or false
Expected customer services are generally offered _____
a. to all customers b. free-of-charge c. at a fee which enables the retailer to break even d. at a fee which enables the retailer to earn a fair profit over the cost of the service
What is a potential disadvantage of using ROI as a performance measure for management?