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 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
An increase in which of the following would increase operating income?
  1. Revenues
  2. Expenses
  3. Gains
  4. Losses
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
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