Which of the following is one of the key standards of ethical practice published by the Institute of Management Accountants (IM

The purpose of the "floor" in lower-of-cost-or-market considerations is to avoid overstating inventory.

a. true b. false

A petty cash fund is generally established in order to

A. pay for all merchandise purchased on account B. pay employees' wages C. make loans internally to employees D. pay relatively small expenditures