Class XII

Which of the following is not a contra-revenue account?
  1. Sales returns
  2. Credit card discounts
  3. Sales discounts
  4. Allowance for doubtful accounts
Amortization is which of the following?
  1. Revenues
  2. Expenses
  3. Gains
  4. Losses
Which method has generally the most depreciation expense in the initial year?
  1. Straight-line method
  2. Double-declining-balance method
  3. Units of production method
  4. None of the above
A tornado destroys a company building. Which of the following would the event be?
  1. Revenues
  2. Expenses
  3. Gains
  4. Losses
Which inventory valuation method results in lower taxes when prices are rising?
  1. Specific identification
  2. First-in, first-out (FIFO)
  3. Last-in, first-out (LIFO)
  4. Weighted average
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