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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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q(21+20)
This multible choice question from ACCOUNTING PRINCIPLES I.
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Transcribed Image Text: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.
c. 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.
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