questions?
35) a
36) a
37) b
38) b
- What Are The Explanations For The Answers To These Questions 35 A 36 A 37 B 38 B 1 (66.02 KiB) Viewed 31 times
What are the explanations for the answers to these questions? 35) a 36) a 37) b 38) b
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What are the explanations for the answers to these questions? 35) a 36) a 37) b 38) b
What are the explanations for the answers to these
questions?
35) a
36) a
37) b
38) b
35. Financial information is presented below: Operating expenses $.36.000 5,000 Income Tax expense Sales revenue Cost of goods sold 150,000 105,000 Profit margin would be a $ 4,000. b. $ 5,000. € $ 9,000. d. $ 45,000. 36. Which following goods should NOT be included in the physical inventory of a company? Goods held on consignment from another company. a. b. Goods in transit from another company shipped FOB shipping point. c. Goods sold and shipped in transit FOB destination to another company. d. None. All choices above should be reported in inventory. 37. During increasing prices, which inventory cost flow results in the lowest income tax expense? a. FIFO b. LIFO c. Average cost method d. Income tax expense for the period will be the same under all inventory assumptions. 38. Which following item is NOT an objective of a system of internal controls? a. Safeguard company assets. b. Be conservative by recognizing liabilities and expenses as soon as possible. c. Enhance the accuracy and reliability of accounting records. d. Comply with laws and regulations.
questions?
35) a
36) a
37) b
38) b
35. Financial information is presented below: Operating expenses $.36.000 5,000 Income Tax expense Sales revenue Cost of goods sold 150,000 105,000 Profit margin would be a $ 4,000. b. $ 5,000. € $ 9,000. d. $ 45,000. 36. Which following goods should NOT be included in the physical inventory of a company? Goods held on consignment from another company. a. b. Goods in transit from another company shipped FOB shipping point. c. Goods sold and shipped in transit FOB destination to another company. d. None. All choices above should be reported in inventory. 37. During increasing prices, which inventory cost flow results in the lowest income tax expense? a. FIFO b. LIFO c. Average cost method d. Income tax expense for the period will be the same under all inventory assumptions. 38. Which following item is NOT an objective of a system of internal controls? a. Safeguard company assets. b. Be conservative by recognizing liabilities and expenses as soon as possible. c. Enhance the accuracy and reliability of accounting records. d. Comply with laws and regulations.