If merchandise inventory is being valued at cost and the price level is steadily rising, the method ...

If merchandise inventory is being valued at cost and the price level is steadily rising, the method of costing that willyield the highest net income is
a. periodic
b. LIFO
c. FIFO
d. average cost

(Q. 2) On January 1, 2011, Beyers Company pays 205,000 cash for factory equipment that has an estimated useful life of 10 years and an expected residual value of 5,000. Calculate the amount of accumulated depreciation at December 31, 2012.

A) 40,000
B) 165,000
C) 205,000
D) 38,000

(Q. 3) Training materials help users learn their jobs and perform consistently in those jobs.
Indicate whether the statement is true or false

(Q. 4) Preventive controls are designed to prevent an error or irregularity.

Indicate whether the statement is true or false

(Q. 5) The employer must pay the amount owed for Social Security and Medicare by the business to the IRS; however, the employees pay for Social Security and Medicare directly to the IRS.
a. True
b. False
Indicate whether the statement is true or false

(Q. 6) Which depreciation method is most like the method that is used to calculate depletion of natural resources?

A) straight-line
B) double-declining balance
C) activity
D) No depreciation method is similar to depletion.

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If merchandise inventory is being valued at cost and the price level is steadily rising, the method ...

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