During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory? LIFO Not enough information FIFO Average cost 2 points The bank statement lists bank service charge. Where will this item appear on the bank reconciliation? on the bank side as an addition on the book side as an addition on the bank side as a subtraction on the book side as a subtraction 2 points What are the two ways of accounting for uncollectible accounts? allowance method and accrual method direct write-off method and accrual method allowance method and net realizable method direct write-off method and allowance method 2 points The estimated value at the time a fixed asset is to be retired is called 2 points During a period of falling prices, which of the following inventory methods generally results in the lowest balance sheet amount for inventory? LIFO Not enough information FIFO Average cost 2 points The bank statement lists a bank service charge. Where will this item appear on the bank reconciliation? on the bank side as an addition on the book side as an adition on the bank side as a subtraction on the book side as a subtraction 16 points What are the two ways of accounting for uncollectible accounts? allowance method and accrual method direct write-off method and accrual method allowance method and net realizable method direct write-off method and allowance method