When Merchandise Inventory Is Shown on the Balance Sheet, Both

question 169

True/False

When merchandise inventory is shown on the balance sheet, both the method of determining the cost of the inventory and the method of valuing the inventory should be shown.

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Definitions:

False

Not true or correct; erroneous or misleading.

Modus Tollens

A logical argument form that concludes the inverse of an antecedent from the denial of the consequent, typically structured as "If P, then Q. Not Q, therefore not P."

Affirming The Consequent

A logical fallacy where a conclusion is incorrectly drawn from the premise that if P then Q, and Q is true, therefore P must be true.

Ad Hominem

A fallacy in argumentation where the focus is on attacking the character or motive of the person making the argument, rather than addressing the argument itself.