Class XII

Which method has the same depreciation expense every year?
  1. Straight-line method
  2. Double-declining-balance method
  3. Units of production method
  4. None of the above
Which inventory valuation method is best suited for a company with few, high-dollar inventory items?
  1. Specific identification
  2. First-in, first-out (FIFO)
  3. Last-in, first-out (LIFO)
  4. Weighted average
Which of the following is not a contra-revenue account?
  1. Sales returns
  2. Credit card discounts
  3. Sales discounts
  4. Allowance for doubtful accounts
Which inventory valuation method results in higher accounting profit when prices are rising?
  1. Specific identification
  2. First-in, first-out (FIFO)
  3. Last-in, first-out (LIFO)
  4. Weighted average
Which inventory valuation method results in lower taxes when prices are rising?
  1. Specific identification
  2. First-in, first-out (FIFO)
  3. Last-in, first-out (LIFO)
  4. Weighted average
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