Quiz AC-3 - 21 How can you find out the inventory method...

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21. How can you find out the inventory method and depreciation method used by a company? (Points: 1) Look at the balance sheet. Look at the income statement. Look at the financial statement footnotes You cannot find out the inventory method and depreciation method used by a company. 22. Which of the following would cause a company to report higher net income? (Points: 1) The company omits reporting some of its inventory. The company delays recognizing some revenue. The company records some operating expenses as fixed assets. The company classifies some current liabilities as long-term liabilities. 23. ABC Company estimates the useful life of its new delivery van to be 5 years. Which of the following is correct? (Points: 1) ABC Company must dispose of the delivery van after 5 years. The delivery van will have a fair value equal to its residual / salvage value at the end of year 5. ABC Company will have the vehicle on its books at a value of 0 if it continues to use the van in year 6.
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