Which of These Is Not One of the Methods Used

question 59

Multiple Choice

Which of these is not one of the methods used to assign costs between cost of sales and closing inventory?

• A) Specific identification
• B) First-in first-out
• C) Lower of cost and net realisable value
• D) Weighted average

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Definitions:

Tax Liability

The total amount of tax owed by an individual, corporation, or other entity to a taxing authority.

Quarter

A three-month period on the financial calendar that corporations use to report their earnings and performance, commonly divided into Q1, Q2, Q3, and Q4.

Semiweekly Schedule Depositor

A designation for businesses that must deposit employee withholding taxes and employer taxes on a semiweekly basis.

Federal Taxes

Taxes levied by the national government of the United States on income, property, and goods and services.