When GATT Was Created in 1947, How Many Nations Signed

question 18

Multiple Choice

When GATT was created in 1947, how many nations signed on?

• A) 15
• B) 23
• C) 28
• D) 40
• E) 57

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Definitions:

Weighted Average Method

An inventory costing method that assigns a cost to inventory items based on the average cost of all similar items in inventory, weighted by the quantities purchased at different prices.

LIFO

An inventory valuation method, "Last In, First Out," where the most recently produced or purchased items are recorded as sold first.

Periodic Inventory System

An inventory system that updates inventory balances and cost of goods sold at the end of an accounting period based on a physical count.

FIFO

An accounting method for valuing inventory that assumes the first items produced or bought are the first ones sold, standing for First In, First Out.