Generally accepted accounting principles (GAAP) require that any company using LIFO ______. Multiple choice question.
Answers
Generally accepted accounting principles (GAAP) require that any company using LIFO (Last-In, First-Out) inventory accounting method must disclose the use of this method in its financial statements.
LIFO is an inventory accounting method that assumes the last items purchased are the first sold, which can result in lower taxable income and lower taxes in periods of rising prices. However, the use of LIFO can also lead to lower reported earnings, which can negatively affect the company's ability to obtain financing or attract investors.
Therefore, GAAP requires companies using LIFO to disclose this method in their financial statements to ensure transparency and comparability with other companies that use different inventory accounting methods.
Companies are also required to disclose the impact of LIFO on their financial statements, such as the effects on net income, cost of goods sold, and inventory values. Overall, GAAP's requirements ensure that companies using LIFO provide accurate and transparent financial information to investors and stakeholders.
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Related Questions
The economy is presently at real GDP level Y1. Note: If the image does not appear, right-click on the placeholder and choose Show picture or View image. Which of the following does this graph illustrate? Which of the following does this graph illustrate? a) An economy experiencing a budget deficit b) An economy experiencing a recessionary gap c) An economy experiencing full employment d) An economy experiencing an inflationary gap
Answers
(b) an economy experiencing a recessionary gap. does this graph illustrate.
The graph illustrates an economy experiencing a recessionary gap. this is because the economy is producing at a level below its potential output (y*). this can happen due to a number of factors, such as a decrease in aggregate demand, an increase in aggregate supply, or a combination of both.
the economy is experiencing a budget deficit when government spending exceeds government revenue. this can happen when the government is running a war, or when it is trying to stimulate the economy during a recession.
the economy is experiencing full employment when the unemployment rate is at its natural rate. this is the rate of unemployment that exists when the economy is in equilibrium.
the economy is experiencing an inflationary gap when the economy is producing at a level above its potential output. this can happen when aggregate demand increases faster than aggregate supply.
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A means-end chain is used in planning to show _____.
Answers
Option D is correct. In planning, a tends to mean chain is used to show how goals are linked across an organization.
A tends to mean chain is a strategic marketing idea that demonstrates how a consumer's objectives are linked to the item or service that is being provided. It depicts the logical relationships among the different phases of an user's decision-making process, from problem identification to final outcome. The tends to mean sequence is used to create successful methods of communication that appeal to an user's unique set of principles, needs, and desires, eventually leading to the preferred result of the consumer buying the good or service in question. As a result, it demonstrates how goals are linked across an organization, as well as how the firm's products or services can meet the needs and desires of the its target customers.
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Complete Question-
A means-end chain is used in planning to show _____.
A. the measurable result of a decision
B. how product will be delivered to the end consumer
C. the level of competition within an industry
D. how goals are connected across an organization
Why would a person change their business status to a LLC?
A. To gain tax breaks
B. To limit their personal liability
C. To help obtain funding through the sale of stock
D. Because it is the easiest form for setting up your business
Answers
Answer:
A) to gain tax breaks
Explanation:
A common reason for changing a co. to an LLC is to avoid double taxation
cash equivalents: multiple choice include accounts receivable. are recorded in petty cash. include 5-year certificates of deposit. are short-term, highly liquid investment assets. include long-term investments.
Answers
Cash equivalents are short-term, highly liquid investment assets.
What are cash equivalents?When an asset is said to be cash equivalent, it means that the asset is very liquid and can easily be converted to be used as cash. As a result, it can also be traded in certain markets in place of cash.
An example of a cash equivalent asset is short term and highly liquid investment assets such as commercial paper, money market instruments, and U.S. Treasury bills which mature in months. Cash equivalents allow a company to invest and still have liquid assets.
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Which of the following is not an example of professional behavior
?
Answers
What is a common consequence for an athlete who is been found to have used a banned drug a major competition
Answers
Answer:
Athletes who are found to have used such banned substances, whether through a positive drugs test, the biological passport system, an investigation or public admission, may receive a competition ban for a length of time which reflects the severity of the infraction.
Explanation:
Answer:
down below
Explanation:
A common form of punishment is disqualification from the sport they are competing in, a temporary ban from the sport, revoking their prize, and, in a few cases, permanent ban from competing in the sport they were found with the drug.
You can look up news articles to get more information.
Hope this helps! :)
Vaughn Church Furniture manufactures custom pews, altars, and pulpits for churches across the southern United States. Since each order is unique, Vaughn uses a job order costing system. During the month of June, Vaughn worked on orders for three churches: Faith Church, Grace Church, and Hope Church. Production on the Faith and Grace orders began in May, and the Faith job was completed in June. Production on the Hope order began in June and was incomplete at the end of the month. Vaughn applies overhead to each job based on machine hours. Prior to the year, managers had estimated manufacturing overhead at $693,000, along with 21,000 machine hours. Additional cost information related to the three orders is as follows:
Answers
Vaughn Church Furniture specializes in manufacturing custom altars, pews, and pulpits for churches throughout the southern United States.
Each order is unique, so the business uses a job order costing system. Vaughn worked on orders for three different churches in June: Faith Church, Grace Church, and Hope Church. Overhead is applied to each job based on machine hours, and Vaughn Church Furniture has estimated manufacturing overhead at $693,000 and 21,000 machine hours prior to the year.Additional cost information related to the three orders is as follows: Cost Information Faith Church Grace Church Hope Church Direct materials$5,400$16,200$9,000Direct labor$2,880$5,760$4,800Machine hours (MH)9603,8402,400
The predetermined overhead rate is calculated by dividing the estimated manufacturing overhead cost by the estimated machine hours for the year. Therefore, the predetermined overhead rate is $33 per machine hour. The total manufacturing overhead applied to each job is determined by multiplying the predetermined overhead rate by the actual machine hours required for each job.Faith ChurchGrace Church Hope Church Total Machine hours9603,8402,4007,200Manufacturing overhead applied$31,680$126,720$79,200$237,600
In summary, Vaughn Church Furniture, which specializes in producing custom furniture for churches, utilizes a job order costing system. They worked on three orders in June, which are Faith Church, Grace Church, and Hope Church. Before the year, Vaughn Church Furniture estimated their manufacturing overhead at $693,000 and 21,000 machine hours. To allocate overhead to each job, they applied a predetermined overhead rate of $33 per machine hour.
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Q2: Pueblo Vida Brewing (PVB) company uses a reverse osmosis (RO) membrane system to condition the city of Tucson water because the quality of the taste of their beer is important to their clients and total dissolved solids (TDS) in the inlet water can have an impact on the flavor. The feed water to PVB from the city of Tucson has TDS about 419ppm by mass. The RO unit produces water that has a TDS level of 53ppm by concentrating the rejected TDS in a stream that is 87.35 of the feed water. To brew beer, they can actually have a TDS content of 150 according to Charlie Border, one of their former brewers. Since they cannot run the RO unit at a lower level, they mix fresh Tucson water back into the RO water after it is produced. If they are making a brewing batch that requires 14 bbls of water/day:
a) How much total water do they use and how much reject water would they send to the sewer in a day, in kg/ day? b) What is the TDS content of the reject water, in ppm? c) How much money do they throw away in their reject stream per day, if they were to dump the water? d) What could they do with this water?
Answers
The answer is as follows: (a) 379.01 kg/day. (b) 53.18 ppm (c) $1.14/day. (d) The water can be used for cooling purposes in the industry, The company can also use this water for watering plants or grass outside the plant.
a)Amount of water used per day = 14 bbl/day = 14 * 31 = 434 litres/day amount of water rejected = (87.35 / 100) * 434 = 379.01 litres/day Mass of total water used = sales Volume x Density Mass of water used = 434 litres/day x 1 kg/L = 434 kg/day Mass of rejected water = 379.01 litres/day x 1 kg/L = 379.01 kg/day
b)TDS content in the inlet water = 419 ppm TDS content in the product water = 53 ppm
The percentage of TDS removed by the RO system is given by:
TDS removal (%) = ((TDS inlet - TDS product) / TDS inlet) x 100% = ((419 - 53) 419) x 100% = 87.35%Amount of TDS in the rejected stream is therefore: TDS in rejected stream = (100 - 87.35) % x 419 ppm = 53.18 ppm
c) Volume of water rejected per day = 379.01 litres/day = 0.37901 m3/day Cost of water per m3 = $3.00 / m3 Cost of rejected water per day = $3.00 x 0.37901 m3/day = $1.14/day
d) The rejected water can be treated and used for various purposes. It can be used for cooling purposes in the industry. Alternatively, the company can sell it to other industries that require water for their processes. The company can also use this water for watering plants or grass outside the plant.
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Check My Work eBook Problem 10-09 In Year 1, VF Corporation split its stock three for one. On the day prior to the split, the stock sold for $245.20. What is the anticipated price of the stock when the split is effective? Round your answer to the nearest cent. $ On the day that the split was effective, VF stock closed at $81.26. What was the change in the price of the stock? Round your answer to the nearest cent. Use a minus sign to enter a negative value, if any. $ Check My Work Dw Icon Key 9
Answers
The anticipated price of VF Corporation's stock when the split is effective would be $245.20 divided by 3, which is $81.73. after the split, there was a decrease in stock value by 47 cents.
To find the anticipated price of the stock after the split, follow these steps:
1. Determine the split ratio: In this case, the stock split is three for one, which means that for every one share held, an investor would receive three shares after the split.
When a stock undergoes a three for one split, the number of shares outstanding triples while the price per share decreases by a third.
2. Divide the pre-split price by the split ratio: $245.20 ÷ 3 = $81.73
So, the anticipated price of the stock when the split is effective is $81.73.
To calculate the change in the price of the stock, follow these steps:
1. Determine the actual closing price on the day the split was effective: In this case, the stock closed at $81.26.
2. Subtract the anticipated price from the actual closing price: $81.26 - $81.73 = -$0.47
The change in the price of the stock is -$0.47 (rounded to the nearest cent)
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A fixed input, X, and a variable input, Y, are used to produce good A. If the marginal physical product (MPP) of Y is constant, it follows that the a. marginal cost curve is upward sloping. b. total fixed cost curve is vertical. c. total variable cost curve is downward sloping. d. b and c e. none of the above
Answers
Answer:
umm........i think its A..............
Explanation:
10. a jar contains dimes and quarters. there are 15 more quarters than dimes. the coins total $23. how many of each coin is in the jar? what is this question asking you? dimes quarters number of dimes: number of quarters:
Answers
This question is asking you to find the number of dimes and quarters in a jar, given that there are 15 more quarters than dimes, and the total value of the coins is $23.
To solve this problem, we can use algebra. Let's call the number of dimes x and the number of quarters y.
From the problem, we know:
y = x + 15 (because there are 15 more quarters than dimes)
0.1x + 0.25y = 23 (because the total value of the coins is $23 and dimes are worth $0.1 and quarters are worth $0.25)
We can substitute the first equation into the second equation:
0.1x + 0.25(x+15) = 23
Solving for x:
0.1x + 0.25x + 3.75 = 23
0.35x = 19.25
x = 55 (dimes)
We can now use the first equation to find the number of quarters:
y = x + 15
y = 55 + 15
y = 70 (quarters)
So the jar contains 55 dimes and 70 quarters.
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evaluate philips’ ""sense and simplicity"" strategy. what are the risks the company faces in using this tagline?
Answers
The risks include the tagline being perceived as vague, difficulty in communicating the value proposition, potential usability issues undermining customer trust, and challenges in maintaining simplicity while delivering cutting-edge innovations.
What are the risks of Philips' "Sense and Simplicity" strategy?Philips' "Sense and Simplicity" strategy aimed to position the company as a provider of innovative, easy-to-use products that improve people's lives.
The strategy emphasized a focus on customer-centric design and simplicity in product offerings. While the "Sense and Simplicity" tagline helped Philips differentiate itself in the market and connect with customers, it also carries certain risks.
One risk is that the tagline may be perceived as vague or lacking a clear message about the specific benefits of Philips' products.
This could make it challenging for the company to effectively communicate the value proposition to consumers.
Additionally, the tagline's emphasis on simplicity may create expectations of easy-to-use products, and any instances of complexity or usability issues could undermine customer trust and confidence in the brand.
Furthermore, as the market evolves and technology advances, maintaining simplicity while delivering cutting-edge innovations can be a challenge.
Overall, while the "Sense and Simplicity" strategy has its merits, Philips needs to ensure consistent delivery on its promises and continuously adapt to changing market dynamics to mitigate the risks associated with the tagline.
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31)Private property and competition between businesses are common in
economies that are
(Help me plss)
A)socialist
B)communist
C)capitalist
Answers
Answer:
C)capitalist
Explanation:
Market economies and mixed economies can be described as capitalist economies. In capitalist economies, private individuals and firms own the factors of production or capital goods. The private sector produces goods and services consumed in the economy. The motive for producing the goods is the private sector's self-interest or profits.
The free enterprise market is the purest form of a capitalist economy. Capitalist economies contrast with socialists economies where ownership of capital goods is in the government's hands.
A company's strategic plan:
A. maps out the company's history.
B. links the company's financial targets to control mechanisms.
C. outlines the competitive moves and approaches to be used in achieving the desired business results.
D. challenges the company to maintain invariable objectives.
E. All of these.
Answers
The answer to the question is outlines the competitive moves and approaches to be used in achieving the desired business results.
A strategic plan is a document that outlines an organization's strategy, including the company's vision, mission, and strategic goals. A strategic plan also outlines the competitive moves and approaches that the company will use to achieve the desired business results. The purpose of a strategic plan is to give an organization a roadmap for achieving its goals and objectives. Strategic planning is the process of creating a strategic plan for an organization.
The process typically involves several steps, including Defining the organization's vision and mission statements Conducting a SWOT analysis of the organization's strengths, weaknesses, opportunities, and threats Setting strategic goals and objectives Developing strategies and tactics to achieve the goals and objectives Monitoring and measuring progress toward the goals and objectives Adjusting the plan as needed to stay on track with achieving the goals and objectives.
Therefore, option C is the correct answer.
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Popularity increases a product’s
A. price
B. utility
C. life cycle
D. trial period
Answers
Answer:
life cycle
Explanation:
When a product has been popularized with adverts, people will know d product and will wanna try it out.Once this happens,the product will still be in existence prolonging the life cycle
What do federally funded grants require a student to do
Answers
Answer:
To have a financial need
Explanation:
In the United States, the federally funded grants require a student to have a FINANCIAL NEED before such funds can be granted to the student. For example Federal Pell Grants, Federal Supplemental Educational Opportunity Grants.
To access such grants, students will have to apply for the grant and submit the form after being filled in for proper evaluation.
Hence, in this case, the correct answer is Federally funded grants require a student "to have a financial need."
Sung owns a plumbing supply store. One of his clients, Village Plumbers, has a charge account with his store. This month Village Plumbers charged 200 feet of pipe at $0.40 per foot, 150 elbow joints at $0.75 per elbow joint, and 36 outdoor faucets at $2.49 per faucet. Sung must charge 5.5% sales tax on all items sold? What is the balance on Village Plumbers’ charge account?
Answers
Answer:
$297.66
Explanation:
The total costs of the items would be
200 feet pipe : 200 x $0.40 = $80.00
150 elbow joints: 150 x $0.75 = $112.50
36 outdoor faucets: 36 x $2.49 =$ 89.64
Total cost =$282.14
add 5.5% tax
=5.5/100 x $282.14 =$15.52
Total $297.66
The balance on Village Plumbers’ charge account =$297.66
when must interest and principal payments on a Stafford Student Loan begin
Answers
Answer:
The interpretation of the issue is listed throughout the clarification section below.
Explanation:
As usual and when you get a subsidized mortgage, the economy amount to accrue, but perhaps the government will pay everything on someone's account. This seems to be the case for other education loans, individuals aren't encouraged to make additional cash receipts and cash contributions while being in education or even for 6 months after taking university or education center.
why isn’t full employment the same as zero unemployment?
Answers
The full employment isn't same as zero unemployment due to the fact that there are several forms of unemployment, some of which are inevitable or even necessary for a healthy labour market, full employment is not the same as zero unemployment.
There are various sorts of unemployment, some of which cannot be avoided or even eliminated, hence full employment is not the same as zero unemployment required for a thriving labour market. Jobs are constantly being produced and destroyed as industries change, and the transition from one employment to another is not smooth.
For instance, frictional unemployment develops when workers leave their jobs or get fired and often do not take the first new position that comes their way.
The majority of people take the time to choose a job that is a good fit for their skills, unless they are under intense pressure to make up for missed revenue. Due to this lag, a portion of the workforce is perpetually looking for work and is labelled as unemployed.
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Consider the path of a paper check as it travels through the check-clearing system. which step in the process uses money?
Answers
In the traditional paper check-clearing system, several steps are involved in processing a check. The step that typically involves the transfer of money is the final step, known as the "settlement" or "clearing" process.
1) Deposit:
The check recipient, also known as the payee, deposits the paper check into their bank account. The bank where the deposit is made is called the depositing bank.
2) Collection:
The depositing bank sends the check to the paying bank, which is the bank where the check writer (payer) holds an account.
3) Clearing:
The paying bank verifies the authenticity and availability of funds in the payer's account. If the funds are available, the paying bank "clears" the check, indicating that the payment can be made.
4) Settlement:
Once the check is cleared, the paying bank initiates the transfer of funds from the payer's account to the depositing bank's account. This transfer is the step that involves the movement of money.
5) Reconciliation:
The depositing bank receives the funds from the paying bank and adds the amount to the payee's account. The check is considered "settled" or "paid" at this stage.
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Can't we run a business without training?
Answers
yes definitely.......
Which of the following is most likely to be a benefit of storing the information from each calling session in a database? The company can analyze the calling session data and thereby make better business decisions. The company can analyze the calling session data and thereby make better business decisions. A The company can ensure that customer information is protected from misuse. The company can ensure that customer information is protected from misuse. B The company can reduce the costs associated with data storage. The company can reduce the costs associated with data storage. C The company can reduce its need for data compression.
Answers
Answer:
The company can analyze the calling session data and thereby make better business decisions.
Explanation:
Feedback from the customer and a view of how the customer pictures a company is a very important tool used to change future decisions a business makes.
This will influence decisions that will make the company more competitive and satisfy it's customers.
In the given instance a benefit of storing the information from each calling session in a database is that information gleaned from such calls will guide management in making customer friendly policies in the future.
Which of the following is true of the Federal Deposit Insurance Corporation?
Responses
It insures bank money
It protects consumers from fraud
It regulates the sale of commodities
It controls the law of car insurance
Answers
Deposits are protected by the FDIC; examines and supervises financial institutions for consumer protection and safety; makes it possible to resolve large and complex financial institutions. Option B is true .
How does the FDIC safeguard protected stores?Sadly, banks occasionally fail, but they occasionally fail in a functioning market. The FDIC is working for you when they do. There are numerous causes of bank failure. The chartering authority of the bank takes over in this situation to close the bank and appoint the FDIC as the deposit insurer. On the day of the failure, FDIC personnel are present to identify those who have insured bank funds. If another bank agrees to buy the failing bank, the transition for depositors and borrowers is typically relatively smooth. The FDIC maintains access to the insured funds of depositors even if there is no immediate buyer.
Nearly 3,500 financial institutions are directly examined and supervised by the FDIC. More than half of the banks in the United States are examined by our examiners to determine their operational stability and safety.
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C&S Marketing (CSM) recently hired a new marketing director, Jeff Otos, for its downtown Minneapolis office. As part of the arrangement, CSM agreed on February 28, 2018, to advance Jeff $30,000 on a one-year, 8 percent note, with interest to be paid at maturity on February 28, 2019. CSM prepares financial statements on June 30 and December 31. Prepare the journal entry that CSM will make when the note is established.
Answers
Answer:
Journal Entry that CSM will make when the note is established.
Date Account Title & Explanation Debit Credit
Feb 28, Note receivable $30,000
2018 Cash $30,000
(To record issue of note payable)
you tour a company and notice that employees all seem to have a common goal and understanding of procedures. what would be the contributing factor for this? responses action plan action plan strategies strategies organizational structure organizational structure safety manuel
Answers
As you visit a firm, you note that all of the staff appear to have a single goal or objective and a grasp of how things are done. The contributing factor for this might be proper action plan strategies.
The correct option is A.
Setting goals, agreeing on steps to accomplish those goals, and mobilising the resources required to carry out those activities are all parts of strategic planning. A strategic plan outlines the methods and resources that will be employed to accomplish those objectives.
Planning, legislation, neighbourhood norms, incentives, and educational options are examples of action strategies.
A detailed strategy that lays out the measures to follow in order to achieve one or more goals is known as an action plan.
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Answer:
action plan
Explanation:
because the guy above said so and he has an expert verified answer
for class, I have to invest in stock on the Investopedia stock simulator why in the simulator under holding are there OPTIONS & SHORTS?
what is an OPTION and are they something to invest in?
what are SHORTS and are they something to invest in?
Answers
Answer:
Depends on the time you have to invest
Explanation:
Options are when you bet on the stock to go up in a certain time period that you choose in the Option if the stock goes under before you exit you lose money if it goes up by the time you exit you earn money
Shorts are when you bet on the stock to go down using options
Options have alot of risk with them meaning if you study the company.
use nasdaq and other resources to see the rising stocks of the day/week and look into those if you are investing in a short period due to the fact those stocks are more likely to go up in a fast period of time but you should put a stop-loss on those due to the fact its likely the stock can crash at any time and you need to plan a proper exit.
Just do proper research and analyze the risk you are placing on this fictional money.
I am not a licensed Financial Advisor so use this information for discretionary purposes.
which of the following accounts would not be impacted by adjusting journal entries?
a) Expenses. b) Supplies. c) Cash. d) Revenues.
Answers
c) Cash. Adjusting journal entries typically involve changes to balance sheet accounts and income statement accounts, such as expenses, supplies, and revenues.
Cash is a balance sheet account that represents actual money on hand and is not affected by adjusting entries. Adjusting entries are primarily made to ensure accurate financial reporting by recognizing revenues and expenses in the appropriate period and adjusting asset and liability accounts for accuracy.
Adjusting journal entries are made to correct errors or update financial records at the end of an accounting period. They typically impact balance sheet accounts (assets, liabilities, and equity) and income statement accounts (revenues and expenses).
Expenses (option a) and revenues (option d) are income statement accounts that are frequently adjusted to accurately reflect the expenses incurred and revenues earned in a given period. These adjustments affect the net income or loss reported on the income statement.
Supplies (option b) is an asset account that may require adjustments for inventory usage or valuation changes. Adjusting entries ensure that the supplies account reflects the correct quantity and value of supplies on hand.
On the other hand, cash (option c) is an asset account that represents actual money on hand or in bank accounts. Adjusting entries are not typically made to the cash account since it directly reflects the cash balance available and is not subject to adjustments unless there are specific errors or discrepancies to be corrected.
In summary, while adjusting entries impact accounts such as expenses, supplies, and revenues to ensure accurate financial reporting, the cash account remains unaffected by adjusting journal entries.
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which account is prepared before balance sheet ?
Answers
Answer:
Balance sheet is prepared after ascertaining net profit and net loss from profit and loss account. It is the summary of the personal account and real accounts having debit and credit balances.
Your portfolio has lost an average of 5% each year for the last three years. Your initial investment was $25,000. What is the current value of your portfolio
Answers
Based on the initial investment of $25,000, the current value of your portfolio should be $21,434.34.
What would your current portfolio be valued at?This can be found with the future value formula as:
= Current value x ( 1 + rate) ^ number of years
As the rate was reducing, it will be a negative figure:
= 25,000 x ( 1 - 5%)³
= 25,000 x 0.857375
= $21,434.34
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distinguish between products tax and production tax
Answers
Answer:
Some examples of production taxes are land revenues, stamps and registration fees and tax on profession. Product taxes are paid on the actual volume of production. It is paid per unit of product. For example, excise duty, service tax, sales tax etc.