题目内容

Which of the following statement is most likely incorrect？

A. Under the LIFO inventory valuation method, COGS reflects the costs of the most recent purchases.
B. In a decreasing price environment, the FIFO inventory cost method results in lower gross profit compared to LIFO.
C. Both LIFO and FIFO inventory method are allowed under both IFRS and U.S. GAAP.

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ABC company leased an asset from DEF, and classified the lease as finance lease. The amount that ABC initially recognized as lease payable is least likely

A. Higher than the asset’s fair value
B. Lower than the asset’s fair value
C. Equivalent to the asset’s fair value

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Which of the following is the most accurate statement about stakeholder theory？

A. The stakeholder theory holds that purpose of existence of company is to maximize the interests of the shareholders.
B. Compared to shareholder theory, stakeholder theory broadens interests of only shareholders to various groups who have interests in the company.
C. The stakeholder group include shareholders, board of directors, and creditors in total.

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Use of fixed costs is referred to as leverage because fixed costs:

A. create unnecessary financial costs.
B. enlarge the magnitude of both earnings and losses.
C. benefit creditors at the expense of owners.

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At the end of year 1, GG company’s disclosed earning before tax was $200,000 and the respective taxable income amounts to $150,000. The difference occurred as a result of the allowance for bad debt, which is not deductible for tax purpose. Assume GG`s current tax rate is 25% and the newly enacted tax rate will be 30%. Regarding the income statement for the first year, what amount of current tax payable should be reported？

A. $37,500.
B. $45,000.
C. $60,000.

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Which of the following statement is most likely incorrect？

A. Under the LIFO inventory valuation method, COGS reflects the costs of the most recent purchases. B. In a decreasing price environment, the FIFO inventory cost method results in lower gross profit compared to LIFO. C. Both LIFO and FIFO inventory method are allowed under both IFRS and U.S. GAAP.

ABC company leased an asset from DEF, and classified the lease as finance lease. The amount that ABC initially recognized as lease payable is least likely

Which of the following is the most accurate statement about stakeholder theory？

Use of fixed costs is referred to as leverage because fixed costs:

A. Under the LIFO inventory valuation method, COGS reflects the costs of the most recent purchases.
B. In a decreasing price environment, the FIFO inventory cost method results in lower gross profit compared to LIFO.
C. Both LIFO and FIFO inventory method are allowed under both IFRS and U.S. GAAP.