exam 2 review in class

exam 2 review in class - Questions on regarding LIFO, FIFO,...

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Questions on regarding LIFO, FIFO, moving average technique Vocabulary terms: income entity assumption, conservatism, matching principle, going concern, revenue principle, materiality, time period assumption, cost principle, monetary unit Problem 10-? That listed the land and building costs Chapter 10 slide on plant asset disposals- sale Page 267 appendix 6-A lays out the framework for moving average Chapter 6 - Inventories . Which of the following would not use a "specific identification method".antique store, car dealership, or hardware store. . Shipping point vs. destination.know when to include it in the company's inventory and when not to . Fifo/lifo.figure out ending inventory and COGS . Average-cost.figure out cost for each item . Which method would result in higher net income/which one in lower taxes (Fifo = higher net income//lower taxes = lifo). ..then in a period of inflation which would result in higher net income (fifo) . Question I got wrong.what are the objectives or something the people preparing financial statement users use when making financial statement.the answer was "they type of inventory method system they use" or something along those lines (.clearly a debateable question.I chose the
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exam 2 review in class - Questions on regarding LIFO, FIFO,...

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