Please does anyone know the answer to these questions.

1. In periods with rising prices and increasing quantities of inventories, which of the following relationships among inventory valuation methods is generally correct:

A - FIFO has a higher inventory balance and a lower net income than LIFO.
B - FIFO has a higher inventory balance and a higher net income than LIFO.
C - LIFO has a higher inventory balance and a higher net income than FIFO.
D - LIFO has a higher inventory balance and a lower net income than FIFO.

Ans: A

Which statement is false?

A - An unrealized gain or loss on hold-to-maturity marketable securities is recognized in income.
B - An unrealized gain or loss on trading securities is recognized in income.
C - An unrealized gain or loss on a company's common stock held by the owners' of the company is not recognized by the company.
D - An unrealized gain or loss on available-for-sale marketable securities is not recognized in income.

Ans: A


3. On June 30, 2001, Cole Inc. exchanged 3,000 shares of Stone Corp. $30 par value common stock for a patent owned by Gore Co.. The Stone stock was acquired in 1999 at a cost of $80,000. At the exchange date, Stone common stock had a fair value of $45 per share, and the patent had a net carrying value of $160,000 on Gore's books. Cole should record the patent at:

A $80,000
B $90,000
C $135,000
D $160,000

Ans: D 45*3000 shares ( fair value rate)

4. The ABC Company operates a catering service specializing in business luncheons for large corporations. ABC requires customers to place their orders 2 weeks in advance of the scheduled events. ABC bills its customers on the tenth day of the month following the date of service and requires that payment be made within 30 days of the billing date. Collections from customers have never been an issue in the past. ABC should recognize revenue from its catering services at the date when a:

A - Customer places an order.
B - Luncheon is served.
C - Billing is mailed.
D - Customer's payment is received.

Ans: D when income is realized.

I have reviewed these questions and know which ones are correct or not. Thank you.

Would be helpful if you could share your knowledge.
Thank you!

Please if you don't share your answers, what is the point of your comment?

No doubt I could give you the answers but you learn nothing so give me your answers an I will tell you if you are correct