13. In a period of rising prices, the inventory method that results in the lowest income tax payment is: A. last-in, first-out (LIFO). B. first-in, first-out (FIFO). average cost. D. Specific identification. c. 14. Allowance for Doubtful Accounts is reported in the: A. balance sheet as a contra liability account. B. income statement under other expenses and losses. c. balance sheet as a contra asset. D. income statement under other revenues and gains. 15. The control principle related to not having the same person authorize and pay for goods is known as: A. establishment of responsibility. B. independent internal verification. c. segregation of duties. D. rotation of duties. 16. The assumption that assumes a company will continue in operation long enough to carry out its existing objectives is the: A. economic entity assumption. B. monetary unit assumption. c. time period assumption. D. going concern assumption. 17. The revenue recognition principle dictates that revenue should be recognized in the accounting records: A. when cash is received. B. when performance is done. C. at the end of the month. D. in the period when income tax is paid