Sim REview FAR 1

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Author:
Joens1313
ID:
226110
Filename:
Sim REview FAR 1
Updated:
2013-07-06 14:59:28
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Sim Review FAR
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Description:
Sim Review FAR 1
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  1. ----------------- - cost of sales = Gross profit
    Net Sales
  2. Net sales - --------------- = Gross profit
    cost of sales
  3. Net sales - cost of sales = --------------
    gross profit
  4. A change from FIFO to LIFO is a change in -------------------------- that is accounted for prospectively.
    accounting principle
  5. A change from FIFO to LIFO is a change in accounting principle that is accounted for ----------------------.
    prospectively
  6. The income tax basis of accounting is a --------------------- method
    non GAAP
  7. An error correction is accounted for by restating all --------------------- presented and adjusting the beginning retained earnings of the earliest period presented.
    prior periods
  8. An error correction is accounted for by restating all prior periods presented and adjusting the beginning --------------------- of the earliest period presented.
    retained earnings
  9. An error correction is accounted for by restating all prior periods presented and adjusting the beginning retained earnings of the earliest ------------------------.
    period presented
  10. an accounting principle may only be changed if required by ----------------- or if the alternative is preferable and more fairly presents the information
    GAAP

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