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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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|

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Asked 9/6/2012 6:50:48 PM
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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)
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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)
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 ... (More)
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Expert Answered
Asked 9/6/2012 7:06:03 PM
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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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