Question and answer
A change in estimate of an asset's residual value involves restating the income statements of past periods for the estimate change. (Points : 5) True False
The answer is True.
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User: A change in estimate of an asset's residual value involves restating the income statements of past periods for the estimate change. (Points : 5) True False

Weegy: The answer is True.
Expert answered|rhey22787|Points 868|

User: A six-month certificate of deposit would be considered to be a cash equivalent. (Points : 5) True False

Weegy: The answer is True.
Expert answered|rhey22787|Points 868|

User: Purchase discounts decrease the total cost of merchandise acquired. (Points : 5) True False

Weegy: The answer is True.
Expert answered|rhey22787|Points 868|

User: When plant assets are purchased in a group, each asset increases the respective plant asset account for its fair market value at the time of acquisition. (Points : 5) True False

Weegy: The answer is false.
Expert answered|rhey22787|Points 868|

User: Acquisition cost includes all of the costs that are normal and necessary to acquire and maintain a plant asset over its useful life. (Points : 5) True False

Weegy: The answer is True.
Expert answered|rhey22787|Points 868|

User: Cost of goods sold represents an outflow of an asset, inventory, from the sale of products. (Points : 5) True False

Weegy: The answer is True.
Expert answered|rhey22787|Points 868|

User: The lower of cost or market (LCM) rule violates the historical cost principle. (Points : 5) True False

Weegy: The answer is True.
Expert answered|rhey22787|Points 868|

User: The LIFO conformity rule requires that if a company uses LIFO in reporting income to stockholders, it also must use LIFO on its tax return. (Points : 5) True False

Weegy: The answer is False.
Expert answered|rhey22787|Points 868|

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Asked 9/6/2012 6:50:48 PM
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Weegy: There are many, many sources of customer dissatisfaction. Some are common to all businesses while some are specific to various business types. (More)
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Asked 9/3/2012 12:01:29 PM
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Because plant and equipment are reported as long-term assets on the balance sheet, they have no impact on net income for the period until they are sold. User: Because plant and equipment are reported as long-term assets on the balance sheet, they have no impact on net income for the period until they are sold. (Points : 5) True False
Weegy: False. Plant and Equipment although reported as long term asset in the balance sheet do affect net income. Plant and Equipment are subject to yearly wear and tear. [ This is reported as Depreciation Expense in the Income Report as a deduction before arriving at the Net Income Result. ] (More)
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Asked 9/6/2012 6:46:43 PM
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The LIFO conformity rule requires that if a company uses LIFO in reporting income to stockholders, it also must use LIFO on its tax return. (Points : 5) True False
Weegy: TRUE During inflationary times, companies can reduce their taxable income by using the last-in, first-out (LIFO) cost flow assumption for inventories. However, the tax savings from using LIFO come at a cost. Under the LIFO conformity rule in Sec. [ 472(c), if LIFO is used on a taxpayer’s tax return, no other method can be used to value inventory to calculate income, profit, or loss in any report or statement covering the same tax year that is provided to shareholders and other owners, or to creditors. The IRS strictly enforces this rule. ] (More)
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Expert Answered
Asked 9/6/2012 7:06:03 PM
0 Answers/Comments
A company's internal control system is designed by its external auditors. (Points : 5) True False
Weegy: True (More)
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Expert Answered
Asked 9/6/2012 7:11:53 PM
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