FIFO
LIFO
Metaphors
True or False
Translation
100
FIFO as an acronym means this...
What is FIRST IN FIRST OUT
100
LIFO as an acronym means this...
What is LAST IN FIRST OUT
100
Be a Picture
What is a BALANCE SHEET
100
True or False: Companies can move from FIFO to LIFO (creative accounting) but cannot move from LIFO to FIFO
What is: FALSE Service companies can move from Cash Method to Accrual, but not Accrual to Cash...
100
Kiem Tra
What is TEST
200
The balance sheet item for which FIFO is connected to primarily...
What is Inventory
200
The balance sheet item which LIFO is connected is primarily this...
What is Inventory
200
Be a Short Film
What is an INCOME STATEMENT
200
True or False: The Health Commissioner must approve inventory method changes starting with the second.
What is FALSE... IRS Commissioner
200
Bao tuyet
What is SNOW STORM
300
Given rising costs of materials over time, name this bottom line advantage FIFO has over LIFO
What is HIGHER NET PROFIT
300
Given declining costs of materials over time, name this bottom line advantage LIFO has over FIFO
What is HIGHER NET PROFITS
300
BE A PIPELINE
What is FIFO
300
True or False: The only reason anyone would use LIFO is to save Inventory.
What is FALSE.... Save TAXES...
300
Mung Tio Lai
What is WELCOME BACK
400
With rising costs, FIFO impacts this Income Statement Category, which in turn, impacts Cost of Goods Sold and Gross Profits.
What is Ending Inventory
400
With declining costs, LIFO impacts this Income Statement Category, which in turn, impacts Cost of Goods Sold and Gross Profits.
What is Ending Inventory
400
Be a Barrel
What is LIFO
400
True or False: FIFO and LIFO are ways to value inventory on Paper?
What is TRUE
400
Chuc mung ngay le
What is HAPPY HOLIDAY
500
With inventory prices in Decline over time, this is a reason why a company would switch from LIFO to FIFO, to improve its Bottom Line performance.
What is LOWER TAXES - via higher ending inventory = lower COGS = lower gross (sales - cogs) and net profit.
500
With inventory prices increasing over time, this is a reason why a company would switch from FIFO to LIFO, to improve its Bottom Line performance.
What is LOWER TAXES - via higher ending inventory = lower COGS = lower gross (sales - cogs) and net profit.
500
Be a Bean Counter
What is an ACCOUNTANT
500
True or False: When you choose FIFO or LIFO, the IRS will penalize you if you use the wrong raw materials IN work in process to arrive at finished inventory.
What is FALSE... IRS is interested in the accounting paperwork being consistent...not the inventory or manufacturing itself.
500
Dau trong Cuoi Ngoa
What is FIRST IN LAST OUT
M
e
n
u