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1- Assuming a period of inflation, which inventory costing method will result in the highest...

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Accounting

1- Assuming a period of inflation, which inventory costing method will result in the highest profits?

  1. Specific identification

  2. LIFO

  3. Average costs

  4. FIFO

2- An auditor's report that signifies that the financials of a company are fairly presented in accordance with GAAP accounting is called a _____________ report.

  1. qualified

  2. unqualified

  3. adverse

  4. disclaimer of opinion

3- Changes to prepaid expenses would be found on the:

  1. statement of shareholders' equity.

  2. cash flow statement.

  3. balance sheet.

  4. income statement.

  5. 4-

4- Non-GAAP accounting might be an appropriate metric to use if:

  1. Management is sure that their stock price is too low.

  2. Non-GAAP accounting should never be used.

  3. If it is a better representation of the firm's reoccurring earnings power.

  4. If there are significant one-time charges reported on the balance sheet

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