You have new items in your feed. Click to view.
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.
Get an answer
Original conversation
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|

Question
Asked 9/6/2012 6:50:48 PM
0 Answers/Comments
New answers
Rating

There are no new answers.

Comments

There are no comments.

Add an answer or comment
Log in or sign up first.
Questions asked by the same visitor
What is your definition of a dissatisfied customer? What are the sources of customer dissatisfaction? What can service providers do to prevent and deal with dissatisfied customers? User: What are the sources of customer dissatisfaction?
Weegy: There are many, many sources of customer dissatisfaction. Some are common to all businesses while some are specific to various business types. (More)
Question
Expert Answered
Asked 9/3/2012 12:01:29 PM
0 Answers/Comments
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)
Question
Expert Answered
Asked 9/6/2012 6:46:43 PM
0 Answers/Comments
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)
Question
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)
Question
Expert Answered
Asked 9/6/2012 7:11:53 PM
0 Answers/Comments
27,245,023 questions answered
Popular Conversations
Simplify 18 - 2[x + (x - 5)]. 8 - 4x 28 - 4x 28 - 2x User: ...
Weegy: 3(4x + 6) - 9x = 12x + 18 - 9x; = 3x + 18 User: Alfonso is 8 years older than Ashley. Five years ago Alfonso ...
3/29/2017 10:43:45 AM| 3 Answers
Write a compare-and-contrast analysis of how culture shapes the ...
Weegy: You might want to go to Weegy Pro or Weegy Research for this question.
3/29/2017 10:08:05 AM| 2 Answers
On the freeway, you are required to have your signal on for ______ ...
Weegy: On the freeway, you are required to have your signal on for 100 feet before changing lanes. User: Every ...
3/29/2017 6:08:01 PM| 2 Answers
What was it about FDR that stunned Stalin and Churchill at the Yalta ...
Weegy: B. He was very irrational in his decision making. User: What was the Marshall Plan? A. a program created by ...
3/29/2017 9:08:33 PM| 2 Answers
The question below refers to the selection “from The Wife of Bath’s ...
Weegy: According to the old woman, what women really want is d. mastery over their husbands User: The question below ...
3/29/2017 3:05:40 AM| 1 Answers
The question below refers to the selection“The Lamb from Songs of ...
Weegy: The answer is D: kindness of the creator. [href='http://en.wikipedia.org/wiki/Lambada' target=_blank ...
3/29/2017 3:31:22 AM| 1 Answers
Cell is to tissue as A. organ system is to organ. B. tissue is to ...
Weegy: Cell is to tissue as tissue is to organ. User: The basic unit of all forms of life is a(n) A. organ ...
3/29/2017 5:34:16 AM| 1 Answers
Weegy Stuff
S
Points 623 [Total 724] Ratings 0 Comments 623 Invitations 0 Offline
S
Points 570 [Total 570] Ratings 0 Comments 570 Invitations 0 Offline
S
P
P
L
P
Points 300 [Total 1618] Ratings 1 Comments 290 Invitations 0 Offline
S
R
Points 205 [Total 305] Ratings 1 Comments 145 Invitations 5 Offline
S
P
P
L
P
P
Points 184 [Total 1636] Ratings 1 Comments 174 Invitations 0 Offline
S
Points 30 [Total 40] Ratings 3 Comments 0 Invitations 0 Offline
S
P
P
Points 14 [Total 744] Ratings 0 Comments 14 Invitations 0 Offline
S
Points 14 [Total 14] Ratings 0 Comments 14 Invitations 0 Online
S
Points 13 [Total 13] Ratings 1 Comments 3 Invitations 0 Offline
S
Points 10 [Total 10] Ratings 0 Comments 0 Invitations 1 Offline
* Excludes moderators and previous
winners (Include)
Home | Contact | Blog | About | Terms | Privacy | © Purple Inc.