Site MapHelpFeedbackTrue False Quiz
True False Quiz
(See related pages)



1

Since LIFO charges the latest inventory cost against revenues, in a period when prices are rising, LIFO results in the lowest net income and lowest income taxes paid.
A)True
B)False
2

Since FIFO charges the earliest inventory costs against revenues in a period, selection of this method results in a closer approximation of the actual flow of merchandise in many businesses.
A)True
B)False
3

When using the average cost method, the formula used by Peachtree is Average Cost X Quantity Sold = Total Revenues.
A)True
B)False





To learn more about the book this website supports, please visit its Information Center.
(c)2006 McGraw-Hill Higher Education
Any use is subject to the Terms of Use and Privacy Policy.
McGraw-Hill Higher Education is one of the many fine businesses of The McGraw-Hill Companies.


Computer Accounting w/PT 2005Online Learning Center

Home > Chapter 13 > True or False