In Periods of Rising Prices the Inventory Method Which Results

question 131

Multiple Choice

In periods of rising prices the inventory method which results in the inventory value on the balance sheet that is closest to current cost is the

• A) FIFO method.
• B) LIFO method.
• C) average-cost method.
• D) tax method.

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Definitions:

Frederick Taylor

Known as the father of scientific management, he proposed optimizing work by scientifically studying workflow processes.

Teamwork

Collaboration and cooperative effort by a group of people to achieve a common goal, often emphasized as a key factor in organizational success.

Maslow's Hierarchy

A theory in psychology proposed by Abraham Maslow, suggesting that people are motivated by five basic categories of needs: physiological, safety, love/belonging, esteem, and self-actualization, which they seek in a pre-determined order.

Physiological

Pertaining to the branch of biology that deals with the normal functions of living organisms and their parts, including the physical and chemical processes involved.