The Costing of Inventories at Standard Cost for External Financial

question 76

Multiple Choice

The costing of inventories at standard cost for external financial statement reporting purposes is

• A)not permitted.
• B)preferable to reporting at actual costs.
• C)in accordance with generally accepted accounting principles if significant differences exist between actual costs and standard costs.
• D)in accordance with generally accepted accounting principles if significant differences do not exist between actual and standard costs.

Understand the role of the Barbary Wars in shaping U.S. foreign policy.

Evaluate the decline of the Federalist Party and the political climate of the era.

Assess the outcomes and long-term impacts of the War of 1812 on America.

Understand the major causes and outcomes of the War of 1812.

---

Definitions:

Accumulate

To accumulate is to gather or collect something over a period of time, often used in financial contexts to describe the building up of interest, investments, or assets.

Compounded Quarterly

A method of calculating interest where the interest earned each quarter is added to the principal, thereby increasing the amount on which subsequent interest is calculated.

Interest Rate

The percentage of a loan amount that is applied as interest for the borrower, usually shown as an annual rate of the remaining loan balance.

Present Value

The present worth of a future amount of money or series of cash flows when a particular return rate is applied.