If the Shares of Stock Sold or Exchanged Are Not

question 127

True/False

If the shares of stock sold or exchanged are not specifically identified,the FIFO (first-in,first-out)method of identification must be used.

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Definitions:

Petty Cash Fund

A small amount of cash on hand used for paying expenses too small to merit writing a check or using a credit card.

Replenished

The process of filling up or restoring a stock or supply of something to its previous level or condition.

Every Day

A term denoting something that occurs regularly each day; however, in a financial or business context, it might refer to daily operations or tasks but this usage is not specific.

Petty Cash Fund

A small amount of cash kept on hand in a business for covering minor, routine expenses without issuing checks or electronic payments.