8)

In periods of rising prices, which of the following inventory methods results in the lowest income taxes?

Average cost method

FIFO

LIFO

Cannot be determined based on the information given

9)

On a classified balance sheet, which is the least liquid asset listed below?

Inventories

Cash and cash equivalents

Accounts receivable, net

Short-term investments

10)

Which of the following is an internal control procedure?

Control environment

Comparisons and compliance monitoring

Promote operational efficiency

Encourage employees to follow company policies