An advantage of fifo is that it assigns the most recent costs to cost of goods sold and does a better job of matching current costs with revenues on the income statement.

a. true
b. false

Companies under market structures are independent

Considered alone, which of the following would increase a company's current ratio? a. an increase in net fixed assets.b. an increase in accrued liabilities.c. an increase in notes payable.d. an increase in accounts receivable.e. an increase in accounts payable.

Match the terms with their correct definition. terms: 1. accounts receivable 2. other receivables 3 debtor 4. notes receivable 5. maturity date 6. creditor definitions: a. the party to a credit transaction who takes on an obligation/payable. b. the party who receives a receivable and will collect cash in the future. c. a written promise to pay a specified amount of money at a particular future date. d. the date when the note receivable is due. e. a miscellaneous category that includes any other type of receivable where there is a right to receive cash in the future. f. the right to receive cash in the future from customers for goods sold or for services performed.