Which statement is not true about the gross profit method of inventory valuation?
a. It may be used to estimate inventories for interim statements.
b. It may be used to estimate inventories for annual statements.
c. It may be used by auditors.
d. None of these.
Answer: b. It may be used to estimate inventories for annual statements.
Business
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The objective of assurance services is to
A. Provide more timely information. B. Enhance decision making. C. Compare internal information and policies to those of other firms. D. Improve the firm's outcomes.
Business
Calculate the return on sales for Matt-Brine Inc., which has a net marketing contribution of $450 million and total sales of $800 million. The other expenses, including interest and taxes, amount to $250 million
A) 25% B) 20% C) 30% D) 10% E) 45%
Business