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In Graham v.Connor, the U.S.Supreme Court held that in order to maintain fairness, officer's action must be judged from the perspective of "hindsight."
Accounts Payable
A liability to a creditor, carried on an open account, usually for purchases of goods and services.
LIFO Retail Inventory Method
An accounting technique that values inventory on the assumption that the last items placed in inventory are sold first, specifically applied to retail settings.
Ending Inventory
The value of goods available for sale at the end of an accounting period, calculated by adding purchases to beginning inventory and subtracting cost of goods sold.
Net Markups
The amount by which the price of a security is increased above its initial offering price to the public, after deducting any fees or commissions.
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