Page 2 15) Which of the following is NOT a feature in special journals? a) They allow posting of accounts as column totals in most instances b) They are efficient tools in helping to journalize and post daily recurring transactions c) They provide division of labor d) They eliminate the need for a general journal. Marlow Company purchased a machine for $3,400 on January 1, 2019. It has a useful life of ten years and a salvage value of $400. What is the depreciation expense on December 31, 2019 using the double declining balance method? a) $680 b) $2,320 c) $2,720 d) $340 16) 17) The inventory valuation method that assigns an amount of inventory on the balance sheet that closely approximates current inventory prices would be: a) FIFO b) LIFO c) Specific Identification d) Weighted Average 18) If a period-end inventory amount is reported in error, it can cause a misstatement in all of the following except: a) Net Sales c) Cost of Goods Sold c) Gross Profit d) Net Income 19) Which is usually the final step in the accounting cycle? a) posting the closing entries b) preparing the work sheet c) preparing the post-closing trial balance d) preparing the Income Statement 20) In a steadily rising market, which assumption would yield a higher ending inventory valuation? a) FIFO b) LIFO c) Weighted Average d) Specific Identification