Which of the Following Is a False Statement

question 43

Multiple Choice

Which of the following is a false statement?

• A) A bar chart is usually constructed so that gaps exist between the bars.
• B) The bars on a bar chart can be different colors.
• C) A histogram is usually constructed without gaps between the bars.
• D) A bar chart and histogram can typically be used interchangeably.

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Definitions:

Lower-Of-Cost-Or-Market

An accounting principle stating that inventory should be recorded at the lower of its historical cost or its current market price.

LIFO

Last In, First Out, a stock valuation approach that accounts for the most newly manufactured goods as being sold before all others.

Lower-Of-Cost-Or-Market

A rule in accounting that dictates inventory should be recorded at whichever is less between its original purchase cost and its present market value.

LIFO

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