Why does U.S. GAAP require companies to apply the lower-of-cost-or-market rule to inventories?
What will be an ideal response?
If the replacement cost of inventory falls below its historical cost, a business must write down the value of its goods to market value because that is the most relevant and representationally faithful measure of the true worth to the business.
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Which of the following is NOT required to participate in the Annual Filing Season Program?
A. A comprehensive oral exam administered by the IRS that tests preparer knowledge B. An annual federal tax refresher course lasting at least 6 hours C. A PTIN if the preparer wishes to prepare wishes to prepare and file tax returns D. 18 total hours of continuing education from an approved provider E. All of these choices are required
According to Barbara Kellerman, how do good followers respond to bad leaders?
A) by ignoring them B) by isolating them C) by managing down D) by managing up