The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :

Related Mcqs:

Which of the following account with normal balance is shown at the credit side of a trial balance?

A. Cash account B. Bank account C. Equipment account D. Accrued expenses account...

The gross decrease in economic benefits for the business are what?

A. Expenses B. Obligations C. Creditors D. Income or gain...

Find out the value of assets if: Liabilities=$5000 and Capital=$1000

A. $4000 B. $6000 C. $7000 D. $3000...

The standard format of journal does not include which of the following?

A. Assets column B. Date column C. Description column D. Amount column...

The beginnings inventory of the current year is overstated by 5,000 and closing inventory is overstated by 12,000. These errors will cause the net income for the current year by

A. 17,000 (overstated. B. 12,000 (understated. C. 7,000 (overstated. D. 7,000 (understated....