Match Each Description to the Appropriate Cost Flow Assumption (A-C)

question 142

Multiple Choice

Match each description to the appropriate cost flow assumption (a-c) .
-Rarely used with a perpetual inventory system

• A)FIFO
• B)LIFO
• C)Weighted average

---

Definitions:

Deadweight Loss

A loss of economic efficiency that can occur when the equilibrium for a good or service is not achieved.

Personal Taxes

Taxes levied on individuals' income or wealth by a government.

Progressive Tax

A taxation system in which the tax rate increases as the taxable amount increases, placing a higher burden on those who earn more.

Sales Taxes

Levies imposed by governments on the sale of goods and services, contributing to public revenue.