Which of the following are true? (Select any 2 or less) * With FIFO, the inventory valuation will be very close to replacement cost. With Weighted Average, inventories are issued at a price which is close to the current market value. Decision making can be difficult with both FIFO and Weighted Average because of the variations in prices A disadvantage of the weighted average method of inventory valuation is that the resulting issue price is rarely an actual price that has been paid and it may be calculated to several decimal places. All of the above Which ONE of the following statements correctly describes the contents of the Statement of Financial Position? * O) A list of ledger balances shown in debit and credit columns O A record of income generated and expenditure incurred over a given period O A list of all the assets owned and all the liabilities owed by a business () A record of the amount of cash generated and used by a company in a given period Classify each of the following as different types of costs: * Fixed costs Variable costs Semi-fixed Semi-variable Direct labour costs O O O O Rental of factory O O O O Accountant's salary O O O o O Maintenance of machinery O O O What is the correct journal for an electricity payment of $500? * Debit Credit Not applicable Cash O O O Prepayment O O O Expense O O O