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- Which of the following is used when computing for the accounting rate of return (ARR)? a. Income before depreciation but after taxes. b. Income after depreciation and taxes. c. Income before depreciation and taxes d. Income after depreciation but before taxes.How much is the value of inventory loss?. Please show me the solution in good accounting from.The possible answers for option D are:Cost of Goods SoldDepreciation ExpenseEarned RevenueIncome Tax ExpenseInsurance ExpenseInterest ExpenseSupplies ExpenseWage Expense
- Income can be distorted by factors other than inflation. The most important causes of distortion for inter-industry comparisons are: A. timing of revenue receipts and nonrecurring losses. B. tax write-off policy and different inventory methods. C. A and B D. answer not givenFind the following: •Sales revenue •Cost of Good Sold •Insurance Expense •Income before Tax •Income after TaxIn accounting terms, what is the difference between profit and loss?
- How can the quality of financial statements be compromised? Discuss fully and explain, giving a numerical example, how the choice of a depreciation method can influence the accuracy of reportable earnings.Which of the following accounts is an example of a contra-asset?A) Cost of Goods Sold B)Sales Discounts C) Purchases D) Deferred Revenue E) LIFO ReserveWhy is depreciation on the income statement different from the depreciation on the balance sheet?
- Which of the following statements about accounting income and economic income is (are) correct? I. Accounting income ignores many unrealized gains/losses of assets and liabilities, but economic income fully recognizes unrealized gains/losses. II. Accounting income does not consider all the costs (e.g., opportunity costs), whereas economic income account for all types of costs. III. Income and capital gains/losses are treated different in the calculation of accounting income, while they are treated the same in the calculation of economic income. Group of answer choices a.I and II b. I and III c. II and III d. I, II and IIIWhat is the impact on the accounting equation when a sale occurs? A. both sides increase B. both sides decrease C. only the Asset side changes D. neither side changesHow do gross profits, operating income, and net income differ?