Under Generally Accepted Accounting Principles, Management Has the Choice of Physically

question 167

True/False

Under generally accepted accounting principles, management has the choice of physically counting inventory on hand at the end of the year or using the gross profit method to estimate the ending inventory.

---

Definitions:

Market Price

Market price is the current price at which a good or service can be bought or sold, determined by the intersection of supply and demand in a market.

Market Price

The current price at which an asset or service can be bought or sold in a particular market.

Improve Conditions

Actions or initiatives aimed at enhancing the situation, environment, or well-being of individuals, communities, or systems.

Short Run

A period in economics during which at least one input (like plant size) is fixed and cannot be changed.