Question: answer asap A company changed its inventory costing formula from FIFO to specific identification this year, and did not disclose the reason and effect of

answer asap

A company changed its inventory costing formula from FIFO to specific identification this year, and did not disclose the reason and effect of the change on its financial statements. Which of the following is correct?

Question 18 options:

a)	going concern - violated

b)	faithful - violated

c)	unit-of-measure - violated

d)	comparable - followed

e)	timely - followed

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

To analyse the performance of a motor and a generator, you have been asked to produce a technical report in a professional format including the following information: a) A fully annotated, neatly...

PLEASE ANSWER Question 14 (2 points) Lawrence Ltd. started the year with $385000 in total assets and $258000 in total liabilities. During the year, assets increased by $37000 and liabilities...

A company changed its inventory costing formula from FIFO to specific identification this year, and did not disclose the reason and effect of the change on its financial statements. Which of the...

If, at your year-end, you determine that inventory which originally cost you $20 per item can now only be sold for $15 each instead of the usual selling price of $30 each, what must you do? (1 point)...

Which of the following transactions do not change the net realizable value of accounts receivable? Select all that apply. ( 2 points ) a sales return where the original sale was on account recording...

A company changed its inventory costing formula from FIFO to weighted average this year, and did not disclose the reason and effect of the change on its financial statements. Which of the following...

1. Martingrove Ltd. purchases inventory FOB destination on December 29, and the goods are received on January The company records the transaction in January. Which of the following statements about...

A company changed its inventory costing formula from weighted average to FIFO this year, and did not disclose the reason and effect of the change on its financial statements. Which of the following...

Consider the financial performance of EcoEnergy Inc.: Sales Revenue: $19 million Cost of Goods Sold: $8.5 million Administrative Expenses: $4 million Depreciation: $1.2 million Interest: $450,000...

A company changed its inventory costing formula from specific identification to FIFO this year, and disclosed the reason and effect of the change on its financial statements. Which of the following...

A construction company has adjoined a 1000ft rectangular enclosure to its office building. Three sides of the enclosure are fenced in. The side of the building adjacent to the enclosure is 100ft long...

Zap Electronics reported the following for the fiscal years ended January 31, 2011, and January 31, 2010: Assume all sales are on credit and the firm has no preferred stock outstanding. Calculate the...

Suppose f ( 2 ) = 8 and f ( 6 ) = 1 8 . The average rate o f change for this function i n the interval x = 2 and x = 6 i s : a . 2 . 5 b . 1 4 . 6 6 c . 2 i f f ( 3 ) = 1 0 d . Cannot b e determined.

26 200 Accounte Recevable 53.800 12,000 Below is the trial balance of Saturn Corporation on December 31, 2019. The accounts are listed in alphabetical order and all accounts have normal balances....

In preparing for the upcoming holiday season, Fresh Toy Company (FTC) designed a new doll called The Dougle that teaches children how to dance. The fixed cost to produce the doll is $100,000. The...

F.dr. Let C be the curve (x - 1) +9(y 3) = 81, 4x+y+z = 4, oriented counterclockwise when viewed from high on the z-axis. Let be as shown below. Evaluate Fo F = (3z + 3y +3 sin x)i + (6xy + 3z)j +...

Plot contours of the function f (u, v) = u 3r at f = 0, 1,2,3 and 4. The axes, contours and graph should be appropriately labelled. [10 Marks)

Create a 200 word summary on the Juvenile Justice System than and today. Describe The Juvenile system and provide a generalizable definition. Highlight the issues in the Juvenile system and why this...

Review each item on Brenda's list and assess tile conduct in question. Do you find It morally acceptable, morally unacceptable, or somewhere in between? Explain.

What obllgatioos do employees have to their employers? Oo companies have moral rights that employees can violate? What moral difference, H any, is there between taking something that belongs to an...

Assuming that insider trading should remain outlawed, does prosecuting Griffiths and Steffes represent a wise use of the SEC's resources, or Should it ignore cases like this?