The IFRS disallow the use of LIFO for external financial reporting.Assume a U.S.based company has been using LIFO for financial and tax reporting but now wants to prepare IFRS conforming financial statements to enable its stock to be traded on one of the European stock exchanges.
Required:
a. Describe the adjustments that the US.-based company must make to its accounting records to conform with IFRS.
b. What choices of invent ony accounting metho ds would be available to the U.S. company uncler IFRS?

A partial listing of costs incurred at Boylen Corporation during March appears below:
Required:
a. What is the total amount of product cost listed above? Show your work.
b. What is the total amount of period cost listed above? Show your work.

Which form of business structure faces the greatest agency problems?

A) Sole proprietorship.
B) General partnership.
C) Limited partnership.
D) Corporation.
E) Limited liability company.

​In the 1990s,many people had rising incomes.At the same time,there was a rise in the cost of lumber.This would cause the demand for houses to _________ and the supply for houses to_________.

A) ​Increase,increase
B) Increase,decrease
C) Decrease,increase
D) ​Decrease,decrease

The more homogeneous are consumers' preferences, the less product variety will be observed.

Because the Convention on Contracts for the International Sale of Goods incorporates a Statute of Frauds provision, most nations require contracts to meet certain writing requirements to be enforceable.