19) The rule that requires financial statements to reflect the assumption that the business will continue operating instead of being closed or sold, unless evidence shows that it will not continue, is the: A) Going-concern assumption. B) Business entity assumption. C) Objectivity principle D) Measurement (Cost) Principle. E) Monetary unit assumption. 20) The two methods for estimating uncollectible receivables are A) Percentage of assets and percentage of sales B) Percentage of receivables and percentage of gross profit C) Aging of collections and percentage of net credit sales D) Aging of accounts receivable and percentage of net credit sales E) FIFO/LIFO 21) Cash and cash equivalents are composed of A) Cash and short-term A/R B) Cash deposits in the bank C) Petty Cash D) Cash & short term highly liquid investments with a maturity of 30 days or less E) All of the above F) None of the above G) Only A,B,D above H) Only B,C,D above 22) Select all accounts that normally have a deblt balance A) Sales Discounts B) Sales Revenue C) Sales Returns & Allowances D) Allowance for Doubtful Accounts E) Accounts Receivable 23) When prices are rising which inventory cost flow assumption yields the lowest Income tax A) FIFO B) LIFO C) Average Cost D) Specific Identification 24) Under terms FOB shipping point the buyer of the goods A) Pays the cost of freight in transit B) Pays the cost of Insurance in transit C) Doesn't own the goods until received D) Both A & B E) Both B&C F) None of the above E) All of the above