Write True or False to the Statements Below

question 153

True/False

Write True or False to the statements below.If the statement is false, rewrite the underlined word or phrase to make the statement true.
-Under the terms of China's "Great Leap Forward" policy, peasants were forced to contribute a large percentage of their crops to the state.

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Definitions:

Ending Inventory

The value of goods available for sale at the end of an accounting period, calculated by adding new purchases to beginning inventory and subtracting cost of goods sold.

Perpetual Inventory Account

An accounting method that records inventory purchases and sales in real time, providing a continuously updated inventory balance.

FIFO

"First In, First Out", an inventory valuation method where the costs of the oldest inventory items are the first to be recognized in determining cost of goods sold.

LIFO

"Last In, First Out," an inventory valuation method where the last items added to inventory are the first ones to be used or sold.