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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
Edition 3ISBN: 978-0132962339 Exercise 24
During 2012, Crop-Paper-Scissors, a craft store, changed to the LIFO method of accounting for inventory. Suppose that during 2013, Crop-Paper-Scissors switches back to the FIFO method and the following year switches back to LIFO again.
Requirements
1. What would you think of a company's ethics if it changed accounting methods every year
2. What accounting principle would changing methods every year violate
3. Who can be harmed when a company changes its accounting methods too often How
Requirements
1. What would you think of a company's ethics if it changed accounting methods every year
2. What accounting principle would changing methods every year violate
3. Who can be harmed when a company changes its accounting methods too often How
Explanation
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Financial & Managerial Accounting 3rd Edition by Charles Horngren,Harrison, Walter,Suzanne Oliver
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