Class XII

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
Which method has generally the most depreciation expense in the initial year?
  1. Straight-line method
  2. Double-declining-balance method
  3. Units of production method
  4. None of the above
Amortization is which of the following?
  1. Revenues
  2. Expenses
  3. Gains
  4. Losses
A tornado destroys a company building. Which of the following would the event be?
  1. Revenues
  2. Expenses
  3. Gains
  4. Losses
An increase in which of the following would increase operating income?
  1. Revenues
  2. Expenses
  3. Gains
  4. Losses
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