Which of the following accurately describes a company’s choice of inventory cost method? Multiple Choice A...

Which of the following accurately describes a company’s choice of inventory cost method?

Multiple Choice

A company can choose which inventory method it prefers, even if the method does not match the actual physical flow of goods.
Once a company chooses a method, it is not allowed to frequently change to another one.
All of the other answers are correct.
A company need not use the same method for all of its inventory.

Solutions

Expert Solution

A company can choose which inventory method it prefers, even if the method does not match the actual physical flow of goods. - True

Reason - Actual physical flow of the company need not be matched to chooses the method of inventory, any metrhod that closely determines the value of inventory can be used for valuation. The same is called substance over form.

Once a company chooses a method, it is not allowed to frequently change to another one.- True

Reason :- This is due to the concept of consistency, however this does not mean that the company can never change the method.

A company need not use the same method for all of its inventory. - True

Reason:- A company can have diversified range of products, it is not practical to use same method of inventory valuation on different kind of products. Each product should use the method most closely accurate.

Answer:-All of the other answers are correct.

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which of the following accurately describes a hypothesis test

Which of the following accurately describes the circumstances in which an individual is considered to be...

Which of the following accurately describes the circumstances in which an individual is considered to be a resident of Canada? Question 1 options: 1) When the individual is a citizen of Canada 2) When 90% or more of the individual's income originates in Canada 3) When the individual maintains a continuing state of relationship with Canada 4) When the individual is domiciled in Canada for more than 3 months of the year

Which of the following accurately describes a general partner in a partnership?

Which of the following accurately describes a general partner in a partnership?A- A partner who is personaly liable for partnership debts only up to the amount of money or other property that the partner contributed to the partnership.B- A partner who is personally liable for the partnership's nonrecourse loans.C- A partner who is personally liable for partnership debts.D- A partner who adheres to generally accepted accounting

Which of the following statements describes the proper matching of revenue and expenses? Multiple Choice Insurance...

Which of the following statements describes the proper matching of revenue and expenses? Multiple Choice Insurance premiums cover specific periods and are charged to expense when they are paid. The cost of a building is recorded as an asset. Depreciation expense is recognized over the periods in which the asset is expected to help earn revenues for the business. General office salaries are recorded as assets when they are incurred because they benefit future periods. Manufacturing costs are identified with...

2. Which of the following best describes the nature of personal selling? Multiple Choice It involves...

2. Which of the following best describes the nature of personal selling? Multiple Choice It involves direct spoken communication between sellers and potential customers. It costs less than advertising for reaching a large, widespread market. It tries to communicate with many customers at the same time. It refers to "promoting" at trade shows, demonstrations, and contests. It is less flexible than mass selling 3. .Agent wholesalers are Multiple Choice mainly concerned with buying and selling. used by small companies that...

Which of the following accurately describes a step a paid tax prepare

Which of the following accurately describes a step a paid tax preparer should take when assisting a taxpayer who is applying for an ITIN?A.)Complete Form 8867, Paid Preparer's Due Diligence Checklist.B.)Notarize copies of the taxpayer's supporting documents.C.)Prepare the federal tax return for which the ITIN is needed and include it in the ITIN packet.D.)Prepare a separate ITIN packet for each family member listed on the return.

1) Which of the following accurately describes the role of the critical value? A) If the...

1) Which of the following accurately describes the role of the critical value? A) If the calculated value is greater than the critical value, we can conclude that there is a relationship between the two variables. B) The critical value for a particular hypothesis test depends on the number of degrees of freedom. C) If the calculated value is less than the critical value, we cannot reject the null hypothesis. D) All of the above. 2) Which of the following...

Which of the following describes allopatric speciation? Multiple Choice A single population suddenly divides into two...

Which of the following describes allopatric speciation? Multiple Choice A single population suddenly divides into two reproductively isolated groups without being geographically isolated. A geographic separation occurs between subpopulations leading to reproductive isolation. Gene flow between subpopulations minimizes differences in their gene pools. Subpopulations that are geographically isolated but still able to interbreed. Wide phenotypic differences that appear between subpopulations due to variation in their environments.

Which of the following statements best describes a promoter? (multiple choice) 1.A set of adjacent structural...

Which of the following statements best describes a promoter? (multiple choice) 1.A set of adjacent structural genes and the operator gene that controls them. 2.A portion of a gene, which is transcribed into RNA, but not translated into protein. 3.A sequence of nucleotides coding for a single gene product that is transcribed into mRNA. 4.The section of DNA to which RNAP first attaches itself to when initiating the transcription of a structural gene. 5.A protein that blocks gene action with...

2 multiple choice Questions 1. Which of the following best describes the concept of enhancer modularity?...

2 multiple choice Questions 1. Which of the following best describes the concept of enhancer modularity? a. Multiple genes to a genome b. None of the other options c. Multiple transcription factors bind to an enhancer d. Multiple enhancers for a gene 2. is it true or false Mesenchymal stem cells generally have a greater range of potential cell types than other adult stem cells.

Subjects