[Q9]

(TCO F) Natural resources are also called _________.

Group of answer choices

a. wasting assets

b. real assets

c. net assets

d. gross assets

[Q10]

(TCO F) The use of LIFO rather than FIFO for inventory costing under normal economic conditions results in:

Group of answer choices

a. lower net income.

b. higher total assets.

c. higher retained earnings.

d. All of the above