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NEW QUESTION: 1
When prices are rising, which of the following inventory valuation methods produces the lowest income tax liability?
A. None of these answers
B. LIFO
C. FIFO
D. Average cost
Answer: B
Explanation:
Explanation/Reference:
Explanation:
When prices are rising, LIFO will produce the lowest profit, and the lowest income tax liability, because the last in (highest cost) inventory is the first out. This leaves the oldest inventory on hand and since it has the lowest cost, ending inventory will have the lowest value which means that cost of goods sold will be the highest and profits will be the lowest (ending inventory = beginning inventory + net purchases - cost of goods sold).
NEW QUESTION: 2
A customer is configuring their SnapSure schedule. What run-time(s) should be avoided?
A. 12:01 am and 12:01 pm
B. Within 25 minutes of each other
C. The beginning of every hour
D. The beginning of every half-hour
Answer: C
NEW QUESTION: 3
Which of the following options is the most cost-effective and efficient way for internal auditors to keep current with the latest developments in the internal audit profession?
A. Attending annual professional conferences and seminars.
B. Maintaining membership in The HA and similar professional organizations and subscribing to relevant email updates or news feeds.
C. Pursuing as many professional certifications as possible.
D. Participating in on-the-job training in various departments of the organization.
Answer: B