Difficulty in adjusting inventory values to reflect style changes is a problem associated with _____

A trade allowance is a price reduction offered by retailers to customers who are buying homogeneous shopping goods

Indicate whether the statement is true or false a. True b. False

Interperiod income tax allocation procedures are appropriate when

a. an extraordinary loss will cause the amount of income tax expense to be less than the tax on ordinary net income b. an extraordinary gain will cause the amount of income tax expense to be greater than the tax on ordinary net income c. differences between net income for tax purposes and financial reporting occur because tax laws and financial accounting principles do not concur on the items to be recognized as revenue and expense d. differences between net income for tax purposes and financial reporting occur because even though financial accounting principles and tax laws concur on the item to be recognized as revenues and expenses, they don't concur on the timing of the recognition