3 true/false questions, and 1 multiple-choice one

1. If a company uses the LIFO method, it generates the highest gross-margin and, consequently, the highest net income and income tax expense.

True

False

2. According to the matching concept, revenue is paired with the expenses that were incurred to generate this revenue.

True

False

5. Elephant Shop purchased 50 coffee mugs at a cost of $5 and 70 coffee mugs at a cost of $7 two weeks later. 100 mugs have been sold. If the LIFO method is used, the cost of goods sold will be $640.

True

False

7. An internal document that lists the general ledger account titles and their balances after any adjustments have been made is called what?

Daily Trial Balance

Post-Closing Trial Balance

Adjusted Trial Balance

Unadjusted Trial Balance