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I have a list of multiple choice questions for an accounting class. Please help. 1. In a bank reconciliation, deposits outstanding are: a. Subtracted from

I have a list of multiple choice questions for an accounting class. Please help.

1. In a bank reconciliation, deposits outstanding are:

a. Subtracted from the bank balance

b. Added to the book balance

c. Added to the bank balance

d. Subtracted from the book balance

2. Inventory is valued at:

a. Replacement cost

b. Net realizable value

c. Cost

d. The lower of cost and net realizable value

3. In a period of declining costs, the use of which of the following inventory cost methods would result in the highest ending inventory?

a. FIFO

b. LIFO

c. Average Cost

d. Weighted-average cost

4. Cash equivalents do not include:

a. Money market funds

b. High grade marketable equity securities

c. U.S. Treasury Bills

d. Commercial paper

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