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A company uses the LIFO inventory method, but most...

A company uses the LIFO inventory method, but most of the other companies in the same industry use FIFO. Which of the following best describes one of the adjustments that would be made to the company’s financial statements to compare it with other companies in the industry？ The amount reported for the company’s ending inventory should be:

A. increased by the ending balance in its LIFO reserve.

B. decreased by the ending balance in its LIFO reserve.

C. increased by the change in its LIFO reserve for that period.

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第1题

A company uses the LIFO inventory method, but most of the other companies in the same industry use FIFO. Which of the following best describes one of the adjustments that would be made to the company’s financial statements to compare it with other companies in the industry? The amount reported for the company’s ending inventory should be:

A. increased by the ending balance in its LIFO reserve.

B. decreased by the ending balance in its LIFO reserve.

C. increased by the change in its LIFO reserve for that period.

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第2题

A company currently uses LIFO inventory valuation under U.S.GAAP.The company reported an increase in the LIFO reserve for the year.If the company used FIFO rather than LIFO:

A.COGS is lower and net income is lower.

B.CFGO is lower and net income is higher.

C.COGS is higher and net income is lower.

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第3题

21. Nan Chen, CFA, is comparing a firm with two of its industry competitors. She obtains the following financial excerpts from the firm’s financial statements, as well as the inventory turnover ratio on two of its competitors.

The firm uses the LIFO inventory costing method under U.S.GAAP, which is consistent with its industry competitors. What conclusions should the analyst reach when comparing the firm’s inventory turnover ratio to those of ties competitors? A. Outperformed both competitors. B. Outperformed Company 1 only. C. Outperformed Company 2 only.

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第4题

A company, which prepares its financial statements in accordance with IFRS uses the revaluation model to value land. At the end of the current year the land value of the land has increased and will be adjusted on the balance sheet. Which of the following statements is most accurate? In the current period the revaluation of the land will:

A. increase return on sales.

B. increase return on assets.

C. decrease the debt to equity ratio.

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第5题

A company, which prepares its financial statements in accordance with IFRS uses the revaluation model to value land.At the end of the current year the land value of the land has increased and will be adjusted on the balance sheet.Which of the following statements is most accurate? In the current period the revaluation of the land will:

A.increase return on sales.

B.increase return on assets.

C.decrease the debt to equity ratio.

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第6题

A company uses an application that creates temp files that need to be backed up on a daily basis.A test restore fails to restore the temp files. In checking the backup catalog, Karen, a technician,discovers that the temp files are not being backed up.Which of the following is the MOST likely reason?（）

A. To backup temp files, the /T switch must be used.

B. NTBACKUP does not backup temp files by default.

C. The NTBACKUP utility cannot backup temp files.

D. NTBACKUP is not running under the correct credentials.

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第7题

A company currently uses a standard absorption cos...

A company currently uses a standard absorption costing system. The fixed overhead variances extracted from the operating statement for November are: $ Fixed production overhead expenditure variance 5,800 adverse Fixed production overhead capacity variance 4,200 favourable Fixed production overhead efficiency variance 1,400 adverse PQ Limited is considering using standard marginal costing as the basis for variance reporting in future. What variance for fixed production overhead would be shown in a marginal costing operating statement for November?

A、No variance would be shown for fixed production overhead

B、Expenditure variance: $5,800 adverse

C、Volume variance: $2,800 favourable

D、Total variance: $3,000 adverse

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第8题

In a period of rising prices, when compared to a company that uses weighted average cost for inventory, a company using FIFO will most likely report higher values for its:

A.return on sales.

B.debt-to-equity ratio.

C.inventory turnover.

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第9题

A company has decided to change its depreciation method to better reflect the pattern of use of its equipment.

Which of the following correctly reflects what this change represents and how it should be applied?

A.It is a change of accounting policy and must be applied prospectively

B.It is a change of accounting policy and must be applied retrospectively

C.It is a change of accounting estimate and must be applied retrospectively

D.It is a change of accounting estimate and must be applied prospectively

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第10题

A company that has the use of a vehicle upon payment of a sum of money on a regular basis over a long period of time is using the finance service of ______.

A．factoring

B．hire purchase

C．leasing

D．installment credit

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