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1. describe the difference between direct and indirect materials. Give exs of each for a manufacturing company of your choice.

2. In your own words, describe the four levels of production activities and why they are important.

3. Can a company use LIFO for tax reporting and FIFO for external reporting? Why?

4. What two conditions must be met for a company to recognize revenue?

Accounting Basics, Accounting

  • Category:- Accounting Basics
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