lnBthod is used for tax purposes d. FIFO 10 In a period of rising prices, which

Question

lnBthod is used for tax purposes d. FIFO 10 In a period of rising prices, which inventory method is best to use for tax purposes? a. FIFO b. Average-cost c. Specific identification d. LIFO 1 A good system of internal control is designed to achieve all of the following except a. Efficiency of operations b. Reliability of financial reporting c. Compliance with relevant laws and regulations d. Attainment of target sales All of the following are examples of internal control activities except a. Adequate supervision b. Rotation of key personnel c. Customer satisfaction surveys d. Insistence that employees take earned vacations

Explanation / Answer

10) In a period of rising prices, which inventory method is best to use for tax purpose

So answer is d) LIFO

11) A goods system of internal control is designed to achieve all of the following except

So answer is d) Attainment of target sales

12) All of the following are examples of internal control activities except

So answer is d) Insistence that employees take earned vacations

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