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1.    With regard to LIFO and FIFO, why do you think the government has had previous concerns about the impact that LIFO and FIFO play on the financial statements of companies (hint: taxes)?  What method do you think the government prefer (please try to find some research online supporting your response).  

2.     Discuss the main differences between the allowance methods using income statement approach and balance sheet approach.  Which approach do you think provides a better estimate (there is no right answer here per se, as both are acceptable per GAAP)?  If you were the CFO at a company, which approach would you use to estimate your uncollectible receivables?

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