You are a Financial Consultant hired by KPMG. Please analyze the following statements and make comments: (a) A company in the computer industry is experiencing continuously lower costs. Which cost flow assumption will result in less income tax expense for this company? FIFO LIFO Weighted Average Cost (b) Near the end of the current year, a company required a customer to pay $200,000 as a deposit for work that is to begin in the following year. At the end of the current year the company reported the $200,000 as a liability on its balance sheet. Which accounting principle/guideline prevented the company from reporting the $200,000 on its income statement for the current year? Going Concern Materiality Revenue Recognition (c) A corporation pays its annual property tax bill of approximately $12,000 in one payment each December 28. During the year, the corporation's monthly income statements report Property Tax Expense of $1,000. This is an example of which accounting principle/guideline? Conservatism Matching Monetary Unit