Under the FIFO cost flow assumption and in a period of rising prices, cost of goods sold would be comprised of lower unit costs compared to the unit costs of ending merchandise inventory.

Question

Under the FIFO cost flow assumption and in a period of rising prices, cost of goods sold would be comprised of lower unit costs compared to the unit costs of ending merchandise inventory.

2. The face value of the note minus/plus discount/premium equals its present value.
3. Dividends received by an associate from its investee company is credited by the investor to dividend income.
4. The depletion cost per unit depends on the estimated depletable units, that if the estimation increases, depletion cost per unit generally decreases and if it decreases, depletion cost per unit generally increases.
5. Ordinary share is the most common type of share that must be issued by all corporations
6. Authorized shares are shares which have never been issued and which are available for issuance in the future.

Group of answer choices

True

False

Answer 1

1. True

2. False
3. True
4. False
5. False
6. True