Reference no: EM132650512

Problem 1: The direct write-off method of accounting for uncollectible accounts

Select one:

a. emphasizes balance sheet relationships
b. is often used by small companies and companies with few receivables
c. emphasizes cash realizable value
d. emphasizes the matching of expenses with revenues

Problem 2: The inventory costing method that reports the most current prices in ending inventory is

Select one:

a. FIFO
b. specific identification
c. LIFO
d. weighted average cost

Problem 3: The inventory method that assigns the most recent costs to cost of merchandise sold is

Select one:

a. FIFO
b. LIFO
c. weighted average cost
d. specific identification