-if a company's selling price for inventory falls below the cost of the inventory, the value of the inventory asset is adjusted. TRUE-FALSE

-Units of production is the most accurate depreciation method. TRUE - FALSE

-Double declining balance depreciation calculates depreciation expense by multiplying the cost less residual value by a depreciation rate. TRUE-FALSE

-Warranty costs are depreciated over the life of the warranty. TRUE - False

-Warranties offered by a company on its products are liabilities. TRUE - False

-Which of the following differences on a bank reconciliation does not require the company to make an adjusting journal entry? A: Bank service charges B: Interest earned C: EFT collection from a customer D: Outstanding checks.

- Corny Inc. has the following information for its bank account in the month of May: Blance in cash T-Account, May 31 $5575 outstanding checks 584 deposits in transit 2500 bank service charges 75 interest earned on account 25 what is cornys correct amount of cash at may 31? A: 5500 B:5525 C:5550 D:7466