All of the above methods (FIFO, LIFO, and Weighted Average) can be used for inventory valuation.

The Straight-Line Method allocates an equal amount of depreciation expense each year over the useful life of the asset.

The straight-line method is commonly used for simplicity and consistency in partnership accounting.

The Straight Line Method is commonly used as it provides a consistent expense recognition over the asset's useful life.

The FIFO (First In, First Out) method assumes that the oldest inventory items are sold first.

The LIFO (Last In, First Out) method uses the most recent costs for the cost of goods sold.

If a trial balance does not balance, the first step should be to review the journal entries to identify and correct any errors.

When a partner contributes an asset, the asset is debited to the Asset Account and the corresponding credit is made to the Partner's Capital Account.

The Partner's Drawings Account is debited when a partner withdraws cash from the partnership.

When a partner withdraws, the Capital Account is debited to reduce the partner's equity, and Cash is credited to reflect the payment.

The gain or loss on sale of an asset is calculated as the sale price minus the book value of the asset at the time of sale.

Rent of the factory is considered a fixed cost as it does not vary with the level of production.

Accounts Payable typically has a credit balance, reflecting amounts owed to suppliers.

Closing entries are not included in the trial balance until the next accounting period, as they are made after the trial balance is prepared.

When preparing a trial balance, all accounts with balances, including assets, liabilities, equity, revenues, and expenses, are included.

All accounts with balances should be included in the trial balance, regardless of whether they are assets, liabilities, equity, revenue, or expenses.

The Income Statement summarizes all income and expenses for the period.

Accounts payable is considered a current liability.

Expenses are subtracted from revenue to determine the net profit or loss.

Revenue should be recognized when the service is performed or goods are delivered, according to the accrual basis of accounting.

When switching from one depreciation method to another, the change must be disclosed in the financial statements.

Net Present Value is not a method used for inventory valuation; it is used for investment appraisal.

The Matching Principle states that expenses should be recognized in the same period as the revenues they help to generate.

The Matching Principle requires that expenses be matched with the revenues they help to generate in the same accounting period.

The Accrual Basis of Accounting requires that a trial balance be prepared at the end of an accounting period to reflect all transactions that have occurred.

The double-entry accounting principle requires that a trial balance be prepared to ensure that all transactions are recorded accurately.

The Accruals principle requires that expenses be matched with revenues in the final accounts.

The Matching Principle requires that expenses be matched with revenues in the accounting period in which they are incurred.

The Matching Principle requires that expenses be recognized in the same period as the revenues they help to generate.

The principle of Substance Over Form requires that financial statements reflect the economic reality of a business rather than just the legal form of transactions.