In the Retail Inventory Method, Abnormal Shortages Are Deducted from Both

question 59

True/False

In the retail inventory method, abnormal shortages are deducted from both the cost and retail amounts and reported as a loss.

---

Definitions:

Continuous Improvement

The ongoing effort to enhance products, services, or processes to increase efficiency and effectiveness.

ISO 14001:2015

An international standard that sets criteria for an effective environmental management system (EMS).

Environmental Laws

A body of laws and regulations designed to protect the environment from harm caused by human activities, including pollution and natural resource depletion.

Compliance

Adhering to laws, regulations, standards, and ethical practices applicable to business operations and activities.