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Homework answers / question archive / 1) Which of the following statements accurately describes the workers’ compensation rules? A

1) Which of the following statements accurately describes the workers’ compensation rules? A

Accounting

1) Which of the following statements accurately describes the workers’ compensation rules?

A.  The employer can avoid liability if the injured employee was contributory negligent.

B.  The employer is liable for employment-related injuries only if negligent.

C.  The employee will collect for all work-related injuries and will not need to prove negligence on the part of the employer.

D.  The employee has the choice to sue or proceed under the workers’ compensation statute.

 

2)  When a company holds between 20% and 50% of the outstanding stock of an investee, which of the following statements applies?

A.  The investor should always use the equity method to account for its investment.

B.  The investor should use the equity method to account for its investment unless circumstances indicate that it is unable to exercise significant influence over the investee.

C.  The investor must use the fair-value method unless it can clearly demonstrate the ability to exercise significant influence over the investee.

D.  The investor should always use the fair-value method to account for its investment.

 

3) On December 31, 2008, Kean Company changed its method of accounting for inventory from weighted-average cost method to the FIFO method. This change caused the 2008 beginning inventory to increase by $420,000. The cumulative effect of this accounting change to be reported for the year ended December 31, 2008, assuming a 40% tax rate, is

A.  $420,000.

B.  $252,000.

C.  $168,000.

D.  $0.

 

4) Which of the following serves as the highest authority for tax research, planning, and compliance activities?

A.  Internal Revenue Code

B.  Income Tax Regulations

C.  Revenue rulings

D.  Revenue procedure

 

5) The retail inventory method is based on the assumption that the

A.  final inventory and the total of goods available for sale contain the same proportion of high-cost and low-cost ratio goods.

B.  ratio of gross margin to sales is approximately the same each period.

C.  ratio of cost to retail changes at a constant rate.

D.  proportions of markups and markdowns to selling price are the same.

 

6) When an item of expense is paid and recorded in advance, it is normally called

A.  a prepaid expense.

B.  an accrued expense.

C.  an estimated expense.

D.  a cash expense.

 

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