Question

Depreciation and amortization are: all the choices are correct. non-cash expenses. required even if the market...

Depreciation and amortization are:

all the choices are correct.

non-cash expenses.

required even if the market value of the asset may be increasing.

implement the expense recognition principle.

If total liabilities decreased by $25,000 and stockholders' equity increased by $5,000 during a period of time, then total assets must change by what amount and direction during that same period?

$20,000 increase

$20,000 decrease

$25,000 increase

$30,000 increase

Which inventory costing method assumes that the most recent costs for inventory are matched against current sales?

Specific identification

LIFO

Average cost

FIFO

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