Ships Sailing Along the Trade Routes Shown in Map 7

question 6

Multiple Choice

Ships sailing along the trade routes shown in Map 7.2 in the textbook were dependent on

• A) hinterlands.
• B) oil.
• C) monsoons.
• D) slaves.

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Definitions:

Inventory Cost Flow Assumptions

Accounting methods assumed about how costs flow through inventory; basic types include FIFO, LIFO, and weighted average.

Financial Statements

Documented records that outline the financial activities and conditions of a business, including the balance sheet, income statement, and cash flow statement.

Perpetual Inventory System

A perpetual inventory system is an accounting method that records the sale or purchase of inventory immediately through the use of computerized point-of-sale systems and enterprise asset management software.

FIFO

First-In, First-Out, an inventory valuation method where the oldest items are sold first.