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. Referring to Table 2, under the perpetual average cost method, cost of goods sold on the income statement would be_______. (Points: 1) $1,186 $1,600 $560 $1,746 51. Referring to Table 2, under the perpetual LIFO method, cost of goods sold on the income statement would be_______. (Points: 1) $1,760 $540 $1,700 $1,186 52. Using the lower-of-cost-or-market rule of valuing inventory allows the accountant to attain_______. (Points: 2) consistency matching conservatism full disclosure 53. If the cost of an item of inventory is $80, the current selling price is $100, and the current replacement cost is $75, the amount shown in inventory on the balance sheet under the lower-of-cost-or-market rule is_______. (Points: 2) $75 $80 $100 $75 or $80 54. If the direct write-off method is used for uncollectible receivables, what account is debited when writing off a customer’s account? (Points: 2) accounts receivable allowance for uncollectible accounts uncollectible-account expense sales returns and allowances 55. Under the direct write-off method, the entry to record an uncollectible account has the following effect on the financial statements_______. (Points: 2) increases expenses and decreases liabilities decreases net income and decreases assets decreases assets and increases owner’s equity increases expenses and increases assets 56. A 90-day, 12% note for $20,000 dated July 10 is received from a customer. What is the maturity value of the note? (Points: 2) $20,000 $20,600 $22,400 $21,200 57. A 60-day, 12% note for $11,000 dated May 15 is received from a customer. The face value of the note is_______. (Points: 2) $220 $11,220 $10,780 $11,000 58. The interest on a $32,000 note at 9% for three months is_______. (Points: 2) $1,440 $360 $2,880 $720 59. What is the type of account and normal balance of allowance for uncollectible accounts? (Points: 2) asset, debit contra asset, credit liability, credit contra liability, debit 60. If the maker of a promissory note fails to pay the note on the due date, the note is referred to as a_______. (Points: 2) discounted note dishonored note uncollectible note discarded note 61. The person or business to whom the signer of a promissory note promises a future payment is called the_______. (Points: 2) payee of the note drawer of the note maker of the note principal of the note 62. A critical element of internal control over collections of accounts receivable is_______. (Points: 2) setting up a petty cash account the separation of cash-handling and cash-accounting duties using a check writing machine depositing the cash from the cash register on a daily basis 63. Inventory held by a business is a(n) _______ and when sold becomes a(n) _______ (Points: 2) liability, withdrawal asset, expense liability, asset asset, contra asset 64. Inventory turnover indicates how_______. (Points: 2) quickly inventory is received from the supplier after the order is placed many days it takes the inventory to travel between the seller’s warehouse and the buyer’s warehouse rapidly inventory is sold many days it takes from the time an order is received to the day it is shipped 65. Refer to Table 1. Under the perpetual LIFO method, ending inventory would be valued at_______. (Points: 1) $165 $105 $153 $135

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