During a period of steadily rising costs, the inventory valuation method that yields the highest reported net income is:
A. FIFO method.
B. Average cost method.
C. LIFO method.
D. Weighted-average method.
E. Specific identification method.
Answer: A
You might also like to view...
A U.S. Treasury bond will pay a lump sum of $1,000 exactly 3 years from today. The nominal interest rate is 6%, semiannual compounding. Which of the following statements is CORRECT?
A. The PV of the $1,000 lump sum has a higher present value than the PV of a 3-year, $333.33 ordinary annuity. B. The periodic interest rate is greater than 3%. C. The periodic rate is less than 3%. D. The present value would be greater if the lump sum were discounted back for more periods. E. The present value of the $1,000 would be smaller if interest were compounded monthly rather than semiannually.
Operating, investing, and financing activities affect certain balance sheet accounts. Which of the following statements is true?
a. Operating activities primarily involve transactions which affect noncurrent assets. b. Investing activities primarily involve U.S. government securities and long-term productive assets. c. Financing activities primarily involve transactions which affect current liabilities. d. Different balance sheet accounts are affected depending on whether the direct or indirect method is used.
What are biometric devices?
The date the directors vote to declare and pay a dividend is called the:
A. Liquidating date. B. Date of stockholders' meeting. C. Date of payment. D. Date of declaration. E. Date of record.