Please answer all questions.

QUESTION 5 During a period of steadily rising prices, which of the following methods of measuring the cost of goods sold is likely to result in reporting the highest taxable income A. Specific identification B. LIFO C FIFO D Average cost QUESTION 6 Credit terms of .2/10, n/30. mean that if payment is made in two days, a 10% discount will be given; if not paid within two days, the full invoice price will be due in thirty days. True False QUESTION 7 A conceptual shortcoming in the direct write-off method of accounting for bad debts is that this method does not result in: A Matching of revenues and expenses in the same period B. Disclosure of the estimated amount expected to be collected from total receivables on the balance sheet CNone of the above D. Both of the above QUESTION 8 When goods are shipped FOB destination, the revenue from the sale is recognized on the shipment date. True False QUESTION 9 A company sells a product FOB destination. The product is shipped on December 29, 2015 and the customer receives the shipment on January 3, 2016. Which of the following is true? The sale will be recorded when it is known there will be no returns or allowances. The sale will be recorded when the customer's credit card information is received. The sale will be recorded when the shipment is shipped. The sale will be recorded when the shipment is received by the customer. QUESTION 10 Which of the following results in the inventory on the balance sheet being stated at the latest acquisition costs? A LIFO e. FIFO C.Average cost Specific identification QUESTION 11 All of the following accounts normally have debit balances except: A. Purchases Sales returns&alowances E. Allowance for Doubtful Accounts