23. Which of the following is not an accurate description of the Allowance for Uncollectible Accounts?

A. an estimate of the amount of accounts receivable that will not be collected B. an income statement account C. a contra account D. a balance sheet account E. None of the above

24. When prices are rising, which method of inventory would likely be used for an antiques store?

A. Weighted average B. FIFO C. LIFO

D. Specific identification E. NIFO

8. Warranties are guarantees of products or services for a period of time. Which of the following is true?

A. Warranties must be for a period of not less than 5 years

B. Amounts and timing of warranty obligations are known with certainty.

C. All warranties involve an immediate cash outflow

D. Seller will replace or repair any defective products within specified time period at no charge.

E. All are false