A Flowchart Does Not Include ______

question 30

Multiple Choice

A flowchart does not include ______.

• A)decision points
• B)time required for each activity
• C)start point
• D)a flowline
• E)activities

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Definitions:

FIFO

"First In, First Out," an inventory valuation method where goods first received are the first ones sold.

LIFO

"Last In, First Out," an inventory valuation method where the last items added to inventory are the first ones to be used or sold.

Average Cost

This refers to the cost of producing a good or service, calculated by dividing the total costs of production by the number of units produced.

Lower Of Cost

An accounting principle that values inventory at the lower of its historical cost or the current market value, to record losses in value.