A ______ Statement Is Most Likely to Include the Word

question 143

Multiple Choice

A ______ statement is most likely to include the word "should".

• A) positive
• B) normative
• C) factual
• D) marginal

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Definitions:

Units

The basic quantitative measure used in accounting to represent transactions or balances, often referring to production or sales volumes.

Gross Profit

The difference between revenue and the cost of goods sold before deducting overheads, payroll, taxation, and interest payments.

LIFO

Last In, First Out, an inventory valuation method where the goods purchased or produced last are the first to be expensed.

Tax Rate

The percentage at which an individual or corporation is taxed.