Homework for only one choise

1. The inventory cost flow assumption where the cost of the most recent purchase is matched first against sales revenue is? a) First-In, First-Out b) Last-In, First-Out c) Average Method d) Specific Identification Method 2. Which of the following does not decrease cash? a) Purchasing inventory for cash b) Accruing operating expenses c) Paying accounts payable d) Paying an instalment of a loan 3. A prepaid expense is: a) An asset b) A liability c) An expense d) None of the above 4. Which of these are not included in the accounting equation? a) Owner's equity b) Assets c) Dividends d) Liabilities 5. A revenue is: a) An increase in shareholders' equity b) A decrease in shareholders' equity c) Has no impact on shareholders' equity d) None of the above