How does dollar-value LIFO differ from traditionalLIFO in accounting records?a) Uses different cost flow assumptionb) Applies only to specific industriesc) Pools inventory by dollars not unitsd) Required for tax purposes

Here's why : Dollar-Value LIFO pools inventory items based on their dollar value rather than their…

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Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter4: Activity-based Costing

Section: Chapter Questions

Problem 7DQ

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Short answer: Define a 'responsibility' in accordance with the Conceptual Framework's explanation, using examples. Explain briefly the accounting term "reporting entity" in accordance with the Conceptual Framework for Financial Reporting. Regarding the recording and subsequent revaluation of inventory, please define "the lower of cost and net realizable value." Briefly explain the “accrual basis assumption" and why financial statements are prepared under this basis.
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Identify at least two situations in which important changesin value are not reported in the income statement.
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How does dollar-value LIFO differ from traditional LIFO in accounting records? a) Uses different cost flow assumption b) Applies only to specific industries c) Pools inventory by dollars not units d) Required for tax purposes