Jacob, Inc

question 13

Multiple Choice

Jacob, Inc., changed from the average cost to the FIFO cost flow assumption in 2012.the increase in the prior year`s income before taxes is €1,100,000.The tax rate is 35%.Jacob's 2012 journal entry to record the change in accounting policy will include.

• A)a debit to Retained Earnings for €1,100,000.
• B)a credit to Retained Earnings for €1,100,000.
• C)a debit to Inventory for €715,000.
• D)a credit to deferred Tax Liability for €385,000

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Definitions:

Sexual Excitation

Refers to the process or state of being stimulated or aroused sexually, typically through physical or psychological stimuli.

Mutilation

The action of inflicting severe damage or disfigurement on the body.

Male Identity

The ways in which male gender is perceived, constructed, and expressed in a given culture or society, often associated with certain roles and behaviors.

Genetic Female

Refers to individuals whose chromosomal and physiological characteristics are classified as female at birth.