During its first year in business, Comfy Home accounted for its inventory using the last in first out (LIFO) method. In the second year of business, Tenisa asks the accountant if the company can switch to first in first out (FIFO) because she recently learned FIFO will tend to increase both the value of assets and net income. The accountant tells Tenisa that US GAAP allows a company to choose its inventory valuation method as long as it doesn't change over time without a justifiable reason. This is an example of the principle of: a. Conservatism.
b. Relevance.
c. Consistency.
d. Reliability.

< back to assignment attempts: 1 1 keep the highest: 1 / 2 2. determining opportunity cost juanita is deciding whether to buy a suit that she wants, as well as where to buy it. three stores carry the same suit, but it is more convenient for juanita to get to some stores than others. for example, she can go to her local store, located 15 minutes away from where she works, and pay a marked-up price of $102 for the suit: store travel time each way price of a suit (minutes) (dollars per suit) local department store 15 102 across town 30 88 neighboring city 60 65 juanita makes $42 an hour at work. she has to take time off work to purchase her suit, so each hour away from work costs her $42 in lost income. assume that returning to work takes juanita the same amount of time as getting to a store and that it takes her 30 minutes to shop. as you answer the following questions, ignore the cost of gasoline and depreciation of her car when traveling. complete the following table by computing the opportunity cost of juanita's time and the total cost of shopping at each location. store opportunity cost of time price of a suit total cost (dollars) (dollars per suit) (dollars) local department store 102 across town 88 neighboring city 65 assume that juanita takes opportunity costs and the price of the suit into consideration when she shops. juanita will minimize the cost of the suit if she buys it from the . grade it now save & continue continue without saving

Josie just bought her first fish tank a 36 -gallon glass aquarium, which she’s been saving up for almost a year to buy. for josie, the fish tank is most likely what type of purchase

The relationship requirement for qualifying relative requires the potential qualifying relative to have a family relationship with the taxpayer. t or fwhich of the following is not a from agi deduction? a.standard deductionb.itemized deductionc.personal exemptiond.none of these. all of these are from agi deductions