Question 4 (30 points) 1. The account Unearned revenue is an A. Asset B. Liability C. Expense D. Revenue 2. A store that sells expensive custom-made jewellery is most ikely to determine its cd goods sold using B. Average cost C. First-in, first-out D. Last-in, last-out 3. During a period of steadily falling prices, which of the following methods of measuring the cost of goods sold is likely to result in the lowest taxable income? A. LIFO. B. FIFO C. Average cost 4. An NSF check returned by the bank should be entered in the depositor's accounting records by a debit to A. Accounts Receivable. B. An expense account C. Cash. D. Cash Over and Short 5. The account Dividends Payable' is an.. A. Asset B. Liability C. Expense D. Equity 6. Which of the following factors would suggest the use of a periodic inventory system? A. A small company B. A high volume of sales and a manual accounting system. C. Neither a or b. D. Both a and b