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This questions are multiple choice:
The lower of cost or market rules apply when:
The market value...
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Accounting
Questions
This questions are multiple choice:
The lower of cost or market rules apply when:
The market value of the inventory is higher than the cost inthe books
The market value of the inventory is lower than the cost in thebooks
The market value of the inventory is higher than the cost tothe consumer
The market value of the inventory is lower than the cost to theconsumer
Special Journals are used to:
Increase efficiency
Reduce costs
Reduce the number of similar journal entries prepared
All of the above
None of the above
Segregation of duties is one example of:
Generally Accepted Accounting Principles
FASB
Internal Controls
Accounting Cycle
Which of the following is NOT a generally accepted accountingprinciple:
Balance Principle
Matching Principle
Revenue recognition principle
Consistency principle
When preparing bank reconciliation, you notice that a $500check for rent cleared the bank correctly but was only listed onthe books as $50. Which of the following is needed?
Add to the bank balance
Subtract from the bank balance
Add to the book balance
Subtract from the book balance
Answer & Explanation
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1The lower of cost or market rules apply when The market value of the inventory is higher than the cost in the books The market value of the inventory is lower than the cost in the books The market value of the inventory is higher than the cost to the consumer The market value of the inventory is lower than the cost to the consumer Answer The market value of the inventory is lower than the cost in the books ExplanationThe Lower of cost or marketLCM method is an inventory costing method which works on the
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