q(21+20)This multible choice question from ACCOUNTING PRINCIPLES I.just write for me the final answer. 20The 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.c. Income statement then change in equity statement then balance sheet.O d. Change in equity then balance sheet then income statement.21In a period of rising prices, FIFO will havea. 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.

Question 20: The correct answer is option is B i.e. Income Statement->changes in equity statement…

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 ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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