Most Methods of Pricing Inventories Are in Accord with Generally

question 8

Multiple Choice

Most methods of pricing inventories are in accord with generally accepted accounting principles and generally are permissible for income tax purposes. The method that must be used for financial reporting purposes if used for tax purposes is

• A) moving average.
• B) weighted average.
• C) LIFO.
• D) FIFO.

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Definitions:

Research Ethics

The principles and guidelines that govern how researchers conduct studies, ensuring the honesty, integrity, and welfare of research subjects.

Compulsory Participation

A situation or policy where individuals are required by law or rule to engage in a particular activity, such as voting or military service.

Census

An official count or survey of a population, typically recording various details of individuals, such as age, sex, occupation, and nationality.

Representative Sample

A representative sample is a subset of a population that accurately reflects the members of the entire population, used in statistical analysis to make inferences about the population.