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Font Paragraph 1. Changing from the Aging Method of estimating uncollectible accounts receivable to the Percent of Credit Sales Method simply because the change would increase net income would be a violation of which accounting principal? a. consistency b. materiality c. conservatism. d. full disclosure. 2. Prepaid Insurance that will expire within one year would be included in which Balance Sheet asset classification? a. Intangible assets. b. Investments c. Property, plant, and equipment d. Current assets 3. Interest paid on a loan from the bank would be included in which section of the income statement? a. operating expenses. b. cost of goods sold. c. other revenues and expenses. d. net sales. 4. Whether to classify stock held in another company as a 'current asset' or an 'investment depends on the length of time the management of the company plans to hold stock b. false a. true 5. Which on the income statement? the following accounts would not be classified as a general and administrative expense c. Office wages and salaries d. Freight Out a. The cost of leasing the corporate jet used by company executives b. Depreciation charges on furniture in the corporate conference room 6. Which of the following accounts is needed to compute the Net Sales figure on the multi-step Income Statement? a. Sales Returns & Allowances b. Sales Salaries Expense c. Advertising Expense d. Store Utilities 7. The account "Allowance for Uncollectible Accounts" will have a debit balance when bad debts have previously been underestimated. b. false a, true