A company should not accept a special order for its product for less than its regular sales price. True False
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- Which statements below are true? 1. LCM and LCNRV may be applied by individual products, by product category or by total inventory. 2. A firm that wants to minimize the negative impact of inventory write-down on net income should apply LCM or LCNRV by individual products. 3. If inventory write-down is usual and not substantial, a firm should debit "Loss on inventory write-down” and credit "Inventory". 4. LCM and LCNRV applied by total inventory will result in higher value of inventory and lower inventory write-down than by individual products, by product category. 5. If inventory write-down is unusual and substantial, a firm should debit "Cost of good sold" and credit "Inventory".asapWhich is wrong? The term creditable input VAT means input VAT deductible from output VAT. Input VAT on personal consumption are creditable against output VAT. Only input VAT for purchase of goods or services in the course of business is creditable. Input VAT needs to be evidenced by a VAT invoice or VAT official receipt to be creditable.
- The return of defective merchandise increases the amount to be received from the customer. True FalseWhich of the following is relevant to Limited's decision to accept a special order at a lower price?the shipping costs to the customer CEO's salary Limited's investment its warehouse the cost of its furniture and fixtures1. Which of the following terms apply when a retail store reduces the price of an item after there has been an additional markup? net additional markup. markup cancellation. markdown. net markdown.
- What should I put for the red marked box if the answer is not "Allowance for sales returns and allowances"?Payments to a customer for slotting fees: a. can never be recognized. b. must be expensed immediately. c. might be considered a reduction in the selling price of goods sold to the customer. d. are always expensed over the period benefited for the right to shelf space.Which of the following statements regarding the lower of cost and net realizable value (LCNRV) rule is true? a.The LCNRV rule is an application of the cost principle. b.When the net realizable value of inventory drops below the cost of inventory, an adjustment is made to decrease inventory to its net realizable value and decrease income. c.If a company uses the LCNRV rule, there is no need to use a cost flow assumption such as FIFO, or weighted average cost. d.When the net realizable value of inventory is above the cost of inventory, an adjustment is made to increase inventory to its net realizable value and increase income.
