A: In a period of rising prices, LIFO gives the best COGS, whereas FIFO gives the best inventory balance on the balance sheet.
B: In a period of stable prices, LIFO and FIFO will produce similar account balances.
C: In a period of rising prices, FIFO gives the best COGS, whereas LIFO gives the best inventory balance on the balance sheet.
举一反三
- During periods of rising prices, which of the following statements is correct A: LIFO COGS ＞ weighted average COGS ＞ FIFO COGS B: LIFO COGS = weighted average COGS = FIFO COGS C: LIFO COGS ＜ weighted average COGS ＜ FIFO COGS
- Which of the following statements about inventory accounting is least accurate（） A: If a U. S. firm uses LIFO for tax reporting it must use LIFO for financial reporting. B: During periods of rising prices, FIFO based current ratios will be smaller than LIFO based current ratios. C: U.S. GAAP rules require the use lower of cost or market when reporting inventories.
- If a company presents its balance sheet in a format that includes subtotals for current assets, current liabilities, noncurrent assets, and noncurrent liabilities, it is most likely presented:（） A: in an account format. B: as a classified balance sheet. C: as a functional balance sheet.
- A Balance Sheet reports the financial status of an entity over a period of time.
- Unearned revenue is reported in the financial statements as: A: A liability on the balance sheet. B: A revenue on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet.
内容
- 0
中国大学MOOC: A firm has a high level of stock turnover and uses the FIFO (first in first out)issue pricing system. In a period of rising purchase prices, the closing stock valuation is :
- 1
栈和队列是一种操作受限的线性表,其栈和队列的操作特点是()。 A: LIFOFIFO B: FIFO LIFO C: FIFO FIFO D: LIFO LIFO
- 2
Unearned revenue is reported in the financial statements as: A: A revenue on the balance sheet. B: A liability on the balance sheet. C: An unearned revenue on the income statement. D: An asset on the balance sheet. E: An operating activity on the statement of cash flows.
- 3
When preparing a budgeted balance sheet, the balance in the cash account is found on the ________.
- 4
Merchandise inventory: () A: Is a long-term asset. B: Is a current asset. C: Includes supplies. D: Is classified with investments on the balance sheet.