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|in the finishing inventory the the current period will have noeffect ~ above net earnings of the next audit period.|
|that understates the finishing inventory will reason net earnings forthe period to be overstated.|
|that understates the finishing inventory will cause assets come beunderstated.|
3.Wholesome Ltd. Has a job in inventory ratio of 50 and also averageinventory the $320,000. What is its cost of products sold?
|cannot be determined|
4.the managers of Winning means Ltd. Get performance bonusesbased ~ above the company’s net income. I beg your pardon inventory price formula arethey likely to favour in periods of decreasing prices?
|Need much more information to answer.|
|They would have no preference.|
Which among the adhering to statements is true?
|Depreciation is a valuation concept; the is, us allocate coststo reflect the actual adjust in the value of the asset.|
|The adjusting entry because that unearned earnings results in anincrease come a liability account and a decrease to a revenueaccount.|
|Expiration that one month of an insurance plan paid in advance,initially taped by debiting Prepaid Insurance, results in anadjusting entry the reduces the company"s liabilities.|
|Adjusting entries never influence cash.|
|None of the over is true.|
6.Under a perpetual inventory mechanism
|there is no need for a year-end physics count.|
|the account purchase Returns and also Allowances is attributed whengoods are went back to vendors.|
|increases in inventory resulting from purchases are debited toPurchases.|
|accounting records continuously disclose the lot ofinventory.|
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