Companies can and often do use different costing methods for financial reporting and tax reporting. An exception to this is the:
A. Full disclosure principle.
B. Matching principle.
C. Consistency concept.
D. LIFO conformity rule.
E. FIFO inventory valuation method.
Answer: D
You might also like to view...
Describe your actions (or someone you know) in a situation where you (or they) were an innovator in the diffusion of innovation curve.
What will be an ideal response?
It is important that a standard rate rather than actual expenses be used to charge service department costs to producing departments so that:
a. production department managers know the amount of usage at the beginning of the year. b. extra costs resulting from inefficient operations in service departments cannot be passed on to the production departments. c. service department managers don't need to worry about meeting their budgets. d. extra costs resulting from inefficient operations in production departments can not be passed on to the service departments.
To penetrate the invisible shield they use to protect themselves from information irrelevance, relate your ideas to all of the following EXCEPT
a. their values. b. their beliefs. c. their needs. d. their sympathy.
It is very difficult to build and shape culture in a(n) ______ firm.
a. large b. innovative c. collaborative d. small