20 The suitable priority of preparing financial statements: a. Balance sheet, then income statement then changes in equity. O b. Change in equity then income statement then balance sheet. O .Income statement then change in equity statement then balance sheet. O d. Change in equity then balance sheet then income statement. 21 In a period of rising prices, FIFO will have a. lower income tax expense than LIFO. b. lower net income than LIFO. O c lower net purchases than LIFO. O d. lower cost of goods sold than LIFO.
20 The suitable priority of preparing financial statements: a. Balance sheet, then income statement then changes in equity. O b. Change in equity then income statement then balance sheet. O .Income statement then change in equity statement then balance sheet. O d. Change in equity then balance sheet then income statement. 21 In a period of rising prices, FIFO will have a. lower income tax expense than LIFO. b. lower net income than LIFO. O c lower net purchases than LIFO. O d. lower cost of goods sold than LIFO.
Financial Reporting, Financial Statement Analysis and Valuation
8th Edition
ISBN:9781285190907
Author:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Publisher:James M. Wahlen, Stephen P. Baginski, Mark Bradshaw
Chapter14: Valuation: Market-based Approach
Section: Chapter Questions
Problem 20PC
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