Which of the following methods is not allowed for tax purposes if FIFO (first in first out) is used for financial reporting?
A.
LIFO (last in first out)
B. FIFO
C.
Weighted average
D.
Specific identification
Answers
The correct answer is B. FIFO
If FIFO (first in first out) is used for financial reporting, the method that is not allowed for tax purposes is LIFO (last in first out). FIFO is a common accounting technique that involves selling goods or materials in the order that they were received or produced. This means that the oldest stock items are sold first, while the most recent ones are sold last. The following inventory cost flow assumptions can be used by a company to report inventory and cost of goods sold under GAAP: FIFO, LIFO, and weighted average. However, the IRS has specific rules for tax purposes regarding the use of inventory cost flow assumptions.LIFO method (last in first out)LIFO, or last in first out, is a method for valuing a company's inventory. The last units purchased are deemed to be sold first in the LIFO process, while the first units purchased are deemed to remain in inventory. Because LIFO assumes that inventory is sold in reverse order, it can result in a lower taxable income during inflationary periods than FIFO, which assumes that inventory is sold in the order in which it was acquired.
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Related Questions
Installing quality-control procedures that can be audited by independent quality-control experts is fundamental to
Multiple Choice
- ISO 9000.
- restructuring.
- reduced cycle time.
- the RATER system.
- statistical process control.
Answers
Installing quality-control procedures that can be audited by independent quality-control experts is fundamental to ISO 9000.
ISO 9000 is a family of international standards that define a set of requirements for a quality management system (QMS). A QMS is a system that helps an organization to consistently meet customer requirements and to improve its performance over time.
The ISO 9000 standards require organizations to establish and maintain a quality management system that includes the following elements:
Management responsibility: The organization's top management must be committed to the development and implementation of the QMS.Resource management: The organization must ensure that it has the necessary resources to implement and maintain the QMS.Process management: The organization must identify and manage the processes that are necessary to deliver its products or services.Measurement, analysis, and improvement: The organization must collect and analyze data to improve its QMS.The ISO 9000 standards are widely recognized as a benchmark for quality management. Many organizations, both public and private, have adopted the ISO 9000 standards as a way to improve their quality and performance.
Here are some of the benefits of implementing ISO 9000:
Improved customer satisfactionIncreased customer loyaltyReduced costsIncreased productivityImproved employee moraleEnhanced market shareImproved brand reputationTherefore, Installing quality-control procedures that can be audited by independent quality-control experts is fundamental to ISO 9000.
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Interview a business owner on this crisis experienced in the workplace
Answers
There are several crises experienced by employees during recent pandemic. So, in an interview with a business owner regarding the crisis experienced, one can ask about how can businesses deliver better outcomes in times of a crisis.
What is an interview?An interview is a meeting or a formal consultation at which information is obtained (as by a reporter, television commentator, or pollster) from a person.
It is a conversation in which you and an employer exchange information. The main features of the interview are conducted in the form of conversation, which is shaped by certain guidelines and questions between the researcher and the respondent. It is used in surveys and participant observation methods.
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47. Indian economy is a mixed economy as it consists of both privately owned and
government owned business enterprises. Therefore, we can classify the Indian economy
into two sectors, viz, Private Sector and Public Sector. In a capitalistic economy, the
private sector is dominating, while in a socialistic economy, the public sector is
dominating. In a mixed economy, both the private sector and public sector go hand in
hand.
. In the light of the above paragraph explain Indian economy?
Answers
Yes, the Indian economy is a mixed economy which consists of two sectors viz, Private Sector and Public Sector.
What is the Indian economy?The economy of India is a mixed middle-income developing social market economy. It is the world's fifth-largest economy by nominal GDP and third-largest economy by purchasing power parity.The essential characteristics of developing economies are overpopulation, extreme poverty or below the poverty line, poor infrastructure, agriculture-based economies, slow pace of capital development, and low per capita income.The Indian economy is characterized by a low real per capita income rate, a high population growth rate, and a high degree of dependence on the primary industry. Covid 19 has had a negative impact on the Indian economy. The Covid pandemic has led to industry shutdowns and subsequent job losses.An economy is a system of interconnected production and consumption activities that ultimately determine the allocation of resources within a group. The production and consumption of goods and services as a whole meet the needs of the people who live and work there.to know more about the Indian economy refer to
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The Ritz-Carlton chain of luxury hotels encourages its employees to enhance guests' experiences, and to resolve their problems. By delegating this authority to its employees, the Ritz-Carlton practices _______________ in its procedures and policies.
Answers
The Ritz-Carlton practices empowerment in its procedures and policies.
This means that they encourage their employees to take initiative and make decisions to enhance guests' experiences and resolve any problems that may arise.
Empowerment is a key aspect of the Ritz-Carlton's approach, as it allows employees to have the authority to make decisions on behalf of the company and provide exceptional service to guests.
By empowering their employees, the Ritz-Carlton ensures that each guest receives personalized attention and a high level of customer service.
This practice is embedded in the company's procedures and policies, creating a culture that values employee empowerment and guest satisfaction.
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I really need help, What are the five foundations? Include purpose/ importance of each step
Answers
Answer:
Management, Operations, Marketing, Accounting, Finance
Explanation:
-Management: planning and knowing your business resources to achieve it's goals
-Operations: The transformation of resources into goods/products, making sure the goods are high quality
-Marketing: Identifies customer's needs, develop and decide the price and quality of products
-Accounting: financial and managerial information. Accountants work to communicate finance information to managers
-Finance: Obtaining and managing a companies funds. Who gets/needs money, and how much do they get
Is cereal soup or no?
Answers
Answer:
no its a candy acid
Explanation:
Which type of stock price adjustment time path occurs when there is a bubble (price run up) in the path followed by a decline after the market receives information about the stock
Answers
Answer:
Overreaction and correction
Explanation:
Stock overreaction can be defined as the difference between the lowest price of stocks as a result of an event; e.g an election; and the price of the stocks after the event, after a period of time.
Stock correction on the other hand can be defined as a 10% or more decrease or decline in the value of an the financial market.
Each of stock overreaction and correction have causative events, as those events are the determinants of the change in the prices of stocks during the said time.
For stock price correction, it usually occurs as a result of economic issues. Stock correction can take from weeks to months to happen and it can have a damaging effect on stocks on the short term but could actually be good for the stock prices if the correction occurs over a longer period of time.
Stock price overreaction, as seen from the definition, can be caused by an election or an event within the floor of teh stock exchange which excites stocks at that period.
Cheers.
In a nonliquidating distribution of inventory, where the partnership has no unrealized receivables or appreciated inventory, the basis of inventory that is distributed to a partner cannot exceed the inventory's adjusted basis to the partnership T/F
Answers
The given statement is true because, the basis of inventory distributed to a partner cannot exceed the inventory's adjusted basis to the partnership.
In a nonliquidating distribution of inventory, the basis of the inventory that is distributed to a partner cannot exceed the inventory's adjusted basis to the partnership. The adjusted basis to the partnership is the original cost of the inventory plus any additional costs such as shipping, handling, or storage.
If the partner receives inventory with a basis that exceeds the adjusted basis to the partnership, the excess basis must be allocated to other distributed assets or recognized as a gain by the partner.
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Why is it a good idea to be organized in the workplace?
Answers
It is a good idea to be organized in a workplace because an organized workplace will facilitate increased productivity and increased efficiency.
What is workplace?A workplace is described as a place where an employee or a manager carries out projects, tasks, and jobs. It is important to mention that workplaces are the areas that are located inside a building or can be outside an office building.
An organized workplace means that everything in the workplace is kept in its respective places, and everything is very neat and clean. Such an organized workplace will allow the managers and the employees to focus entirely on the work and be more productive and efficient.
It can be concluded that it is a good idea to be organized in a workplace because an organized workplace will facilitate increased productivity and increased efficiency.
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The federal reserve can affect you through
Answers
As the Federal Reserve conducts monetary policy, it influences employment and inflation primarily through using its policy tools to influence the availability and cost of credit in the economy.
SHINNING STAR BUS COMPANY (PTY) Ltd
Answers
Answer:
is that a question?????????
Which of the following is not a life role category?
O Risk Taker
O Worker
O Family Member
O Learner
Answers
Risk Taker is not a life role category.
A life role is a set of expectations, behaviors and attitudes that a society assigns to a person based on their gender, age, social status, race or other factors. For example, in many cultures women are expected to be loving, nurturing and care-givers, while men are expected to be strong, provider-types.
Life roles help to define how we see ourselves and how we are seen by others. They can be a source of satisfaction and fulfilment, but they can also be a source of stress and frustration if they do not fit with our own personal aspirations and identity.
Hence, the correct option is "First".
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Which of the following sentences employ the KISS formula?
a. Our company is pleased to have processed your request.
b. Your request has been processed.
c. We are processing your request to the best of our abilities.
d. Your request is noteworthy and has been processed through the correct channels.
Answers
The sentence that employs the KISS formula is "Your request has been processed". So, option b is correct.
The KISS formula stands for "Keep It Simple, Stopid." It's a strategy for writing or presenting information that prioritizes clarity and simplicity over complexity. The idea behind the KISS principle is that people are more likely to comprehend and remember information that is easy to understand and concise.
Among the given sentences, "Your request has been processed" is the one that employs the KISS formula because it's straightforward and doesn't include any unnecessary information. The sentence effectively communicates the essential message, which is that the request has been processed.
The other sentences contain additional details or use more complex language, making them less concise and more difficult to understand. So, option b is correct.
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what are the main differences between saving and investing?
Answers
The biggest difference between saving and investing is the level of risk taken.
How do you calculate days sales in inventory?
Answers
Days sales of inventory( DSI) is the average number of days it takes for a establishment to vend off force. Days Sales of Inventory = ( Average Inventory ÷ COGS), multiplied by 365.
DSI is a metric that judges use to determine the effectiveness of deals. A high DSI can indicate that a establishment isn't duly managing its force or that it has force that's delicate to vend.
A high days deals in force suggests a company is inadequately managing its force. Generally, a small normal of days deals, or low days deals in force, indicates that a business is effective, both in terms of deals performance and force operation. Hence, it's more favorable than reporting a high DSI.
still, the force days or days' deals in force will increase, If profitable or competitive factors beget a unforeseen and significant drop in deals.
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what effect will a low economic growth have on the country
Answers
Answer:
it can lead to national poverty and economy crisis
How have newer work models made the workplace more efficient?
Answers
Explanation:
Don't be Afraid to Delegate. While this tip might seem the most obvious, it is often the most difficult to put into practice. ...Match Tasks to Skills. ...Communicate Effectively. ...Keep Goals Clear & Focused. ...Incentivize Employees. ...Cut Out the Excess. ...Train and Develop Employees. ...Embrace Telecommuting.Answer:
1)Assign a task to the person with the right skills. When a new assignment arises, managers tend to think: "Who on my staff has time to take this on?" This is not an effective way to make a decision.
2)Limit meetings: Let's face it: Unless it's a necessary client meeting or important brainstorm session, nine times out of 10,
3)Systematize processes to save people time. There may be old ways of doing things in your company that take up a lot of time. When you ask managers why you do things that way, they may say: "Well, that's just how we've always done it."
4)Provide quiet, uninterrupted spaces to work. This goes back to those colleagues disrupting your work to discuss personal issues. Most people work better in an environment without a lot of noise. Cubicle farms make it hard to accomplish meaningful work. The open physical layout of many offices today, as well as "open-door" policies establish an open invitation for co-workers to interrupt others.
5)Determine where people need to be located. Companies are beginning to realize that telework saves them money and greatly increases productivity. Employees working from home tend to accomplish more than their counterparts sitting in an office. This is mainly due to the lack of office distractions listed above and the extra time people can put into work since they can start and end their day during typical commute times. Also, business travel is not always a necessity, as it is both a high monetary and time cost to incur.
Explanation:
Hope it HELPS you .....
a company has estimated the demand, sales, and profitability of introducing a new product. what step is it undertaking? group of answer choices research design business analysis value proposition idea screening test marketing
Answers
Idea screening is the process of identifying the right ideas and discarding the wrong ones. When it comes to a new product development or introduction, side screening helps to assess the success of the product, potentials of the product, the expected demand, sales and expected profitability, it will thus help to ensure that the right ideas are boosted.
How to Conduct a Market Analysis for Your BusinessAn in-depth evaluation of a market within a particular industry is what is known as a market analysis. You will research the market dynamics, including volume and value, possible client segments, purchasing trends, rivalry, and other crucial elements. The following inquiries should be addressed by a thorough marketing analysis:Who are my potential customers?What are my customers’ buying habits?How large is my target market?How much are customers willing to pay for my product?Who are my main competitors?What are my competitors’ strengths and weaknesses?To learn more about business analysis, refer to
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help me to answer thi Q! Thanks!
Answers
The most problematic sources are those that: A. Provide the least information about their author and original source of information B. Contain information that is biased C. Contain information only from secondary sources D. Provide one outlook on the information being presented
Answers
The most problematic sources are those that provide the least information about their author and original source of information. A material or device that emits radiation, whether ionising or non-ionizing, and that needs to be licensed by the Australian Radiation.
The protection and Nuclear Safety Authority is referred to as a problematic source. Investments, operations, and financing These three streams of business cash flow can significantly impact the development and viability of your organization. The sources of company finance include retained earnings, equity, term loans, debt, letters of credit, debentures, euro issuance, working capital loans, the venture capital investments, etc.
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Answer: I believe the answer is A.
Explanation: I really hope this helps and have a fabulous day!
A firm that has decided to take over another firm is usually referred to as the ______.
Answers
Answer:
the business franchiser
which moral hazard of human resource management treats employees like inanimate objects or impersonal goods?
Answers
Moral hazard of human resource management treats employees are to help a person distinguish between right and wrong and act accordingly, ethics are values or principles that are either internalized by the human or reinforced externally.
Human resource management ethics refers to the application of distributive justice and fundamental decency to the treatment of employees. It pertains to corporate ethics. Employees should not be subjected to unjust treatment by human resource managers because of factors including race, caste, culture, external appearance, religion, or competition for jobs, among others. An ethical business advances the company's goals because motivated employees are more productive. It's important for new employees to understand how things operate at their new workplace as well as what is expected of them in terms of behavior and contributions. Human resources is responsible for writing employee handbooks that explain what is proper and incorrect. Since people are an organization's most valuable resource, doing this increases employee trust in the business.
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Can anybody help me ? Can you give me an example to get an idea? Can you help me? please
Answers
Answer:
chick fil a
Explanation:
Llcs frequently are governed by an agreement of its members in the form of a(n) ________.
Answers
LLCs frequently are governed by an agreement of their members in the form of an operating agreement.
What is an operating agreement?An operating agreement is a key document used by LLCs because it outlines the financial and functional decisions of the business, including rules, regulations, and provisions. The document's purpose is to govern the internal operations of the business in a way that meets the needs of the business owners.Because most states do not require this document, many LLCs choose not to create one. While a term of operations is not required, having one is the greatest advantage of an LLC.And by drafting it, I mean making a written operating agreement.The LLC operating agreement, also known as an LLC agreement, establishes the LLC's rules and structure and can assist in resolving any issues that may arise during business operations. Many of these issues are addressed by default provisions in most states, but the operating agreement can override these presumptions.Therefore, LLCs frequently are governed by an agreement of their members in the form of an operating agreement.
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If the customer owes $12.55 and hands you a $20.00 bill, how much is her change?
A) $8.25
B) $8.45
C) $7.55
D) $7.45
Answers
martha deposits 15000 in an account with 7% intrest, compunded annually. how much will marthas accout ballance be after 15 year
Answers
After 15 years, Martha's account balance will be approximately $41385.50
This can be calculated using the formula \(A = P(1 + r/n)^(nt)\), where After 15 years.
we can use the compound interest formula:
\(A = P(1 + r/n)^(nt)\)
Where:
A = the future account balance
P = the principal amount (initial deposit)
r = the annual interest rate (as a decimal)
n = the number of times interest is compounded per year
t = the number of years
In this case:
P = 15,000 (Martha's initial deposit)
r = 0.07 (7% interest rate)
n = 1 (compounded annually)
t = 15 years
Now, plug in the values:
\(A = 15000(1 + 0.07/1)^(1*15)\)
Simplify the equation:
A = 15000(1.07)^15
Calculate the final value:
A ≈ 41,385.50
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the myers owned a house assessed at $54,000 and taxed at a tax rate of 18 mills. how much is their annual property tax?
Answers
The Myers' annual property tax is $972. To calculate the annual property tax for the Myers' house, we need to use the formula: Annual property tax = (Assessed value of the property / 1000) x Tax rate per mill
Given that the Myers' house is assessed at $54,000 and taxed at a tax rate of 18 mills, we can plug these values into the formula:
Annual property tax = ($54,000 / 1000) x 18
Annual property tax = $972
Therefore, the Myers' annual property tax is $972.
In summary, the annual property tax for the Myers' house assessed at $54,000 and taxed at a tax rate of 18 mills is $972.
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If a stock you buy is $50 per share and pays $2 per year in total dividends;
what is the dividend yield of the stock?*
Answers
Answer:
4%
Explanation:
Dividend yield shows the dividends paid out annually as a percentage of the share market price.
The formula for calculating dividend yield is the annual dividend per share/market value per share.
Dividend yield = dividend/ market share price x 100
Dividend yield = 2/50 x 100
Dividend yield = 0.04 x 100
Dividend yield = 4%
In today's economy, personal selling has evolved to take on elements of customer service and marketing research. Why is this the case?
a. It is less expensive to deliver service and conduct research with the sales staff.
b. It is more time efficient because salespeople are already interacting with customers.
c. Personal selling focuses more on developing customer relationships than on generating transactions.
d. It allows salespeople to earn higher commissions for doing more work.
e. None of the above is correct.
straight salary
Answers
The "Personal-Selling" take on elements of customer service and marketing research is because (c) "Personal-Selling" focuses more on developing customer relationships than on generating transactions.
The "Personal-Selling" is defined as a sales-strategy that involves face-to-face interaction between a salesperson and a potential customer.
In the past, personal selling was often seen as a transactional-process where the primary goal was to close a sale.
In today's economy, personal selling has evolved to take on a more relationship-oriented approach, where the goal is to build long-term relationships with customers.
To build these relationships, salespeople must engage in activities that go beyond simply closing a sale. They must also provide customer service and support, answer questions and concerns, and conduct marketing research to understand customers' needs and preferences.
Therefore, the correct option is (c).
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In today's economy, personal selling has evolved to take on elements of customer service and marketing research primarily because of option c. Personal selling focuses more on developing customer relationships than on generating transactions.
Marketing research is the process of collecting, analyzing, and interpreting data related to consumer preferences, buying habits, and market trends. It is a critical component of marketing strategy and helps businesses make informed decisions about product development, pricing, promotion, and distribution. Marketing research methods may include surveys, focus groups, observation, and data analysis of sales figures, customer feedback, and online activity. The insights gained from marketing research can help businesses identify new opportunities, optimize marketing campaigns, and better understand their target audience. Effective marketing research can provide businesses with a competitive advantage by helping them make data-driven decisions that lead to more successful outcomes.
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Agency problems are most likely to be associated with?
Answers
Agency troubles are most likely to be related with corporations. Agency troubles is the problem of interest inherent between the interest of two party in a corporation.
What is corporation?Corporation is the legal structure that creates with the laws and regulation of its state of incorporation. Specific states have the authority to make an effect of the law.
They can create, dismiss, organization and dissolution of any law within the state of corporation. Many states follow the Model Business Corporation Act.
Thus, Agency troubles are most likely to be related with corporations.
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