________ Is a Form of Agriculture That Involves Nonprivate Control

question 19

Short Answer

________ is a form of agriculture that involves nonprivate control of land,technology and goods produced.This form of agriculture was implemented in socialist states such as China,Russia (Soviet Union)and Eastern European states.

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Definitions:

Lower of Cost

An inventory valuation method requiring inventory to be recorded at the lower of its historical cost or current market value.

LIFO

Last In, First Out, an inventory valuation method where the most recently produced items are the first to be expensed.

Inventory Holding Gains

Inventory holding gains are increases in the value of inventory a company holds due to price inflation or increased demand, not yet realized through sales.

U.S. GAAP

The Generally Accepted Accounting Principles in the United States, a common set of accounting rules and standards for financial reporting.