The LCNRV Basis May Be Used with All of the Following

question 17

Multiple Choice

The LCNRV basis may be used with all of the following methods except

• A) average cost.
• B) FIFO.
• C) LIFO.
• D) The LCNRV basis may be used with all of these.

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Definitions:

Personal Opinion

An individual’s view or judgment formed about something, not necessarily based on fact or knowledge.

Contrast Error

A bias in performance appraisal that occurs when evaluations are influenced by comparing employees against each other instead of against objective standards.

Subjective Measures

Evaluation or assessment methods based on personal opinions, interpretations, points of view, or feelings rather than quantifiable metrics.

Rater Bias

Refers to the prejudice or partiality that evaluators (raters) might show towards or against certain individuals or groups during appraisal processes, affecting the objectivity of assessments.