2. Which of the following best describes the Allowance for Doubtful Accounts a. Asset account b. Contra account C. Liability account d. Expense account 3. Which of the following accounts would you find on a manufacturer's financial statements that you would not find on a service company's financial statements? a. Allowance for Doubtful Accounts b. Accounts Receivable Notes Payable d. Cost of Goods Sold C. 4 Which inventory costing method would give you a lower cost of Goods sold when inventory costs are increasing? a. Weighted Average b. Specific Identification First In first Out d. All methods would give the same cost of Goods Sold C. What is the formula for calculating Inventory Turnover a. Current Assets / Current Liabilities b. Gross Profit/Nel Sales Revenues C Current Assets - Current Liabilities d. Cost of Goods Sold / Average Inventory