1. Inventory valuation model serves as a middle of the road approach for taxes and income?

First in first out

Specific unit cost

Average cost

Last in first out


2. inventory valuation model deals with unique or high dollar items?

First in first out

Specific unit cost

Average cost

Last in first out


3. the accounting principle that states that we should never anticipate gains is what?

Accounting conservatism

Disclosure principle

Consistency principle

Materiality concept


5.ending inventory for the current period is understand. What effect will this error have on equity?

Equity will be overstated at the end of the current period and overstated at the end of the next period

Equity will be understated at the end of the current period, but it will be corrrect at the end of the next period

Equity wiill be overstated at the end of the current period but it will be corrent at the end of the next period

Equity will be overstated at the end of the currebnt period and understated at the end of the next period

We think you should answer these questions yourself