Which of the following statements is least accurate（）
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.
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.