pls chose one answer form A-B-C-D 1.What do the current Assets constitute:

A-Resources expected to be turned into cash, sold or consumed over one year from the date of the balance sheet B-Resources expected to be turned into cash, sold or consumed within less than one year from the date of the balance sheet C-Obligations to make some payment in the future or to deliver some goods or services in the future. 2.For the T account structure the truth is: A-Any asset accounts do have opening balance at the debit side and ending balance at the credit side while owner` s equity do have opening balance at the credit side and ending balance at the debit side. B-Any asset accounts do have opening balance at the credit side and ending balance at the debit side while owner` s equity and liability accounts do have opening balance at the debit side and ending balance at the credit side with one possible exception to retained earnings. C-Any asset accounts do have opening balance at the debit side and ending balance at the credit side while owner` s equity and liability accounts do have opening balance at the credit side and ending balance at the debit side with one possible exception to retained earnings 3.Allowance method and allowance for uncollectible accounts A-It estimates of the amounts that will ultimately be uncollectible from the trade customers and it is an contra account (to the account payables), which contains the estimated uncollectible amount that is deducted from the total Accounts Payables. B-It estimates of the amounts that will ultimately be uncollectible from the trade customers and it is an contra account (to the account receivable), which contains the estimated uncollectible amount that is deducted from the total Accounts Receivable. C-OptioIt estimates of the amounts that will ultimately be collectible from the trade suppliers and it is an contra account (to the account receivable), which contains the estimated collectible amount that is deducted from the total Accounts Receivable.n3 4.In the country, there is time of high inflation and the company would like to increase its cost of goods sold in order not to pay high taxeS : A-The company would apply the First in-first out method of inventory valuation as to increase ending inventory and thus increase the net operating income thus increasing profit to be taxable. B-The company would apply the First in-first out method of inventory valuation as to lower ending inventory and thus lower the net operating income thus lowering profit to be taxable. C-The company would apply the Last in-first out method of inventory valuation as to lower ending inventory and thus lower the net operating income thus lowering profit to be taxable

5.Contra revenue accounts what they are

A-They operate like increase of revenues and in fact from the accounting point of view they operate like expenses. Examples of them purchase returns and allowances, cash discount on purchases. B-They operate like decrease of expenses and in fact from the accounting point of view they operate like revenues. Examples of them sales buyback and allowances, cash discount on sales. C-They operate like decrease of revenues and in fact from the accounting point of view they operate like expenses. Examples of them sales returns and allowances, cash discount on sales