题目内容

Given the following data, by how much would taxable income change if FIFO is used rather than LIFO?

A. Decreaseby$19,000
B. Increaseby$20,000
C. Increaseby$19,000
Decreaseby$20,000

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Given the following data, what would the income tax amount be if the company uses FIFO?

A. $8,960
B. $10,200
C. $13,440
D. $6,800

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Given the following data, what would the net income after taxes be if the company uses LIFO?

A. $8,960
B. $12,720
C. $13,440
D. $6,800

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ThedisclosureprinciplerequiresthatmanagementpreparefinancialreportsthatdiscloseallofthefollowingtypesofinformationEXCEPT:

A. informationthatisrelevanttodecisionmaking.
B. forecastsofexpectedfutureearningstohelpinvestorsdecidewhethertoinvestinthecompany.
C. themethodofinventoryused.
D. informationthatfacilitatescomparisonwithothercompanies'financialreports.

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AcompanyusesLIFOinoneyear,thenswitchestoFIFOandthentoaverage-cost.Thisisaviolationofthe:

A. disclosureprinciple
B. historicalcostprinciple.
C. consistencyprinciple.
D. conservatismprinciple.

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Given the following data, by how much would taxable income change if FIFO is used rather than LIFO?

A. Decreaseby$19,000 B. Increaseby$20,000 C. Increaseby$19,000 Decreaseby$20,000

Given the following data, what would the income tax amount be if the company uses FIFO?

Given the following data, what would the net income after taxes be if the company uses LIFO?

ThedisclosureprinciplerequiresthatmanagementpreparefinancialreportsthatdiscloseallofthefollowingtypesofinformationEXCEPT:

AcompanyusesLIFOinoneyear,thenswitchestoFIFOandthentoaverage-cost.Thisisaviolationofthe:

A. Decreaseby$19,000
B. Increaseby$20,000
C. Increaseby$19,000
Decreaseby$20,000