Which of the following results in the cost of goods sold being stated at the most current acquisition costs?

Select one:

A.

Average cost

B.

LIFO

C.

Which of the following results in the cost of goods sold being stated at the most current acquisition costs?

Select one:

A.

Average cost

B.

LIFO

C.

Specific identification

D.

FIFO

Specific identification

D.

FIFO

-------------------------------------------------------------------------------------------------------------

The aging of the accounts receivable approach to estimating uncollectible accounts does not:

Select one:

A.

Tend to give a reliable estimate of uncollectible accounts because of the consideration given to the collectability of specific accounts receivable.

B.

Take into consideration the existing balance in the Allowance for Doubtful Accounts.

C.

Utilize a percentage of probable uncollectible accounts for each age group of accounts receivable.

D.

Stress the relationship between uncollectible accounts expense and net sales.