In a period of deflation, FIFO would likely yield a higher ending inventory value as it uses the cost of older, cheaper inventory.

LIFO (Last In, First Out) would likely result in lower taxes during inflation because it matches the most recent, higher costs against revenues.

FIFO results in lower cost of goods sold and higher net income during periods of rising prices.

In a period of rising prices, LIFO results in lower taxable income because it matches higher costs against revenues.

In a period of rising prices, LIFO would show the lowest ending inventory value.

If the task takes 15 hours and is shared equally among 3 members, each member will work 15 hours / 3 = 5 hours.

25% of 80 hours is 20 hours spent on planning.

Standard costs are set to provide a benchmark for measuring performance and to help in variance analysis.

In a SWOT analysis, increased competition is an external threat that can impact the business negatively.

Accumulated depreciation accounts are classified as contra-assets because they reduce the value of the related asset on the balance sheet.

In a trial balance, expenses are typically recorded as debits, which increase the total debits in the trial balance.

Equity is calculated as Total Assets - Total Liabilities, which is $100,000 - $60,000 = $40,000.

The difference that needs to be adjusted is $20,000 - $18,000 = $2,000.

A greater credit side indicates a potential error in recording transactions.

If total debits do not equal total credits in a trial balance, it indicates that there is an error in the accounting records that needs to be investigated.

In a trial balance, the total debits must equal the total credits to ensure the accounting equation is balanced.

Accounts Payable typically has a credit balance, as it represents amounts owed to creditors.

Accounts Payable typically has a credit balance, as it represents amounts owed to creditors.

Accounts Payable is classified as a liability in the trial balance, representing amounts owed to creditors.

If total debits exceed total credits or total credits exceed total debits, it indicates a potential error in the accounting records.

Accounts Payable typically has a credit balance, representing amounts owed to suppliers.

A favorable variance indicates that costs are lower than budgeted or revenues are higher than budgeted, improving financial performance.

Sales volume variance = (Actual Sales - Budgeted Sales) * Budgeted Price.

A flexible budget adjusts for actual activity levels, providing a more accurate comparison.

A variance report compares actual performance against budgeted performance to identify discrepancies.

NPV stands for Net Present Value, which is the difference between the present value of cash inflows and outflows.

Direct costs can be directly traced to a specific product or service.

Cost control primarily focuses on minimizing costs while maintaining quality.

The break-even point is where total revenue equals total costs, resulting in zero profit.

The contribution margin is calculated as sales revenue minus variable costs.