The of Business Is Defined as a Concern by Business

question 61

Multiple Choice

The of business is defined as a concern by business about both its profit-seeking and its non-profit-seeking activities and their intended and unintended impacts on groups and individuals other than management or the owners of a corporation.

• A) corporate duty
• B) social responsibility
• C) industrial code of ethics
• D) professional responsibility

---

Definitions:

LIFO

Last In, First Out, an inventory valuation method where the most recently produced items are recorded as sold first.

Current Costs

The cost associated with purchasing goods or services in the present time, often used in accounting to refer to the cost of inventory or services consumed.

Weighted Average Method

An inventory costing method that assigns a cost to inventory items based on the weighted average cost of all similar items purchased or produced during a period.

Inventory Items

Goods or materials that a company holds for the ultimate goal of resale or production.