Cash Discounts on Sales are O A a contra account to Accounts Receivable. B. a contra account to Accounts Payable. C. neither an addition nor a deduction to gross sales. D. a contra account to gross sales. O an adjunct account to gross sales. Double-declining-balance depreciation computes annual depreciation by multiplying the asset's book value at the beginning of the year by two times the straight-line rate. True False The lower-of-cost-or-market practice is based on the A. entity concept B. consistency principle. C. reliability principle. OD.conservatism principle. E. historical cost concept. Using the LIFO method, the earliest purchases of inventory are assumed to be contained The earliest purchases of inventory under LIFO are not shown on any financial statement B. equally split between the income statement and the balance sheet. C.Impossible to determine from the given data OD on the balance sheet as part of ending inventory. O E. on the income statement as part of cost of goods sold. Amortization of an intangible asset is similar to which depreciation method? O A. None of the above B. Units-of-production depreciation OC. Straight-line D. Double-declining balance OE. MACRS Amortization expense is computed in the same manner as straight-line depreciation. True False