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F. Naz
F. Naz, Chartered Accountant
Category: Homework
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Experience:  Experience with chartered accountancy
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1. What would you think of a companys ethics if ti changed

Customer Question

1. What would you think of a company's ethics if ti changed accounting methods every year?

2. What accounting principle would changing methods every year violate?

3. Who can be harmed when a company changes its accounting methods too often? How?

4. Ending inventory for the current year is overstated by $20,000. What effect will this have on the following year's net income?
Submitted: 6 years ago.
Category: Homework
Expert:  F. Naz replied 6 years ago.
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Customer: replied 6 years ago.
<p>1. Ending inventory for the current year is overstated by $20,000. What effect will this have on the following year's net income? </p><p> </p><p>Possible answers:</p><p>A. The inventory overstatement will not effect net income</p><p>B. Net income will be understated by $20,000</p><p>C. Net income will be overstated by $20,000</p><p>D. Net income will be understated by $40,000</p><p> </p><p>2. Which inventory model best serves as a middle of the road approach for taxes and income?</p><p>A. LIFO</p><p>B. FIFO</p><p>C. Average cost</p><p>D. Specific Unit Cost</p><p>3. WHich method would be used to cost milk and other dairy products?</p><p>A. FIFO</p><p>B. LIFO</p>
Customer: replied 6 years ago.
Relist: Incomplete answer.

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