(Answered) Question 1 in a period of declining prices which of the

Accounting

Question 1. In a period of declining prices, which of the following inventory methods generally results in the highest gross profit figure?

Average cost method

LIFO

FIFO

Cannot be determined based on the information given

Question 2. On a classified balance sheet, which is the least liquid asset listed below?

Inventories
Cash and cash equivalents
Accounts receivable, net
Short-term investments

Question 3. Which of the following is a component of internal control?

Safeguard assets
Limited access
Risk assessment
Encourage employees to follow company policies.

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