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5. Whether LIFO costing is applied at the time each sale is made or only at the end of the period, both the periodic and perpetual systems will yield the same ending inventory under LIFO. (Points : 5) True False
Whether LIFO costing is applied at the time each sale is made or only at the end of the period, both the periodic and perpetual systems will yield the same ending inventory under LIFO. False.
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Asked 3/4/2013 5:44:30 PM
Updated 3/14/2016 6:56:56 PM
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Whether LIFO costing is applied at the time each sale is made or only at the end of the period, both the periodic and perpetual systems will yield the same ending inventory under LIFO. False.
Added 3/14/2016 6:56:56 PM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [3/14/2016 10:42:04 PM]
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A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records. True False
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Updated 223 days ago|12/9/2018 6:30:33 PM
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A good system of internal controls requires that the physical custody of assets be separated from the accounting for those assets. This concept is known as safeguarding assets and records. FALSE.
Added 223 days ago|12/9/2018 6:30:33 PM
This answer has been confirmed as correct and helpful.
8. Plant assets, current assets, property, plant and equipment, and fixed assets are all tangible assets. (Points : 5) True False
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Updated 3/22/2017 9:00:55 AM
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Plant assets, current assets, property, and equipment, and fixed assets are all tangible assets. TRUE.
Added 3/22/2017 9:00:55 AM
This answer has been confirmed as correct and helpful.
Confirmed by Andrew. [3/22/2017 11:38:19 AM]
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